Press release
PRA Group Announces Proposed Offering of $300.0 Million of Senior Notes due 2029
NORFOLK, Va., Sept. 15, 2021 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, announced today
About this update from Pra Group, Inc.
[{"type":"text","content":"NORFOLK, Va., Sept. 15, 2021 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, announced today that it plans, subject to market and other conditions, to offer $300.0 million aggregate principal amount of senior notes due 2029 (the \"notes\") in a private transaction that is exempt from the registration requirements of the Securities Act of 1933, as amended (the \"Securities Act\").\nThe notes will be guaranteed on a senior unsecured basis by each of PRA Group's existing and future domestic subsidiaries that is a borrower or guarantor under PRA Group's North American Credit Agreement.\nPRA Group intends to use the net proceeds from the offering of the notes to repay approximately $296.0 million of outstanding revolving borrowings under its North American Credit Agreement (but such prepayment will not reduce the revolving borrowing commitment amount, and the prepaid amount will be available for re-borrowing subject to customary conditions).\nThe notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain persons outside of the United States pursuant to Regulation S under the Securities Act. \nThis announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of these securities will be made only by means of a private offering memorandum. The offer and sale of the notes have not been and will not be registered under the Securities Act or any state securities laws, and unless so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.\nAbout PRA Group, Inc.\nAs a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees worldwide, PRA Group, Inc. companies collaborate with customers to help them resolve their debt. \nAbout Forward-Looking Statements\nStatements made herein that are not historical in nature, including PR...