NORFOLK,
Va., Nov. 20, 2024 /PRNewswire/ -- PRA Group,
Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring
and collecting nonperforming loans, announced today the pricing of
its upsized offering of $150.0
million aggregate principal amount of 8.875% Senior Notes
due 2030 (the "notes"), which was upsized by $50.0 million from the previously announced
$100.0 million, at a price of
103.625% of their principal amount, in a private transaction that
is exempt from the registration requirements of the Securities Act
of 1933, as amended (the "Securities Act").
The notes will be a further issuance of the Company's existing
8.875% Senior Notes due 2030 and will be issued as additional notes
under the indenture dated as of May 20,
2024, pursuant to which the Company previously issued
$400.0 million aggregate principal
amount of 8.875% Senior Notes due 2030 (the "existing notes"). The
notes will be of the same class and series as, and are otherwise
identical to, the existing notes other than with respect to the
date of issuance and issue price. The offering of the notes is
expected to close on or about November 25,
2024, subject to the satisfaction of customary closing
conditions.
The notes will be guaranteed on a senior unsecured basis by each
of the Company's existing and future domestic subsidiaries that is
a borrower or guarantor under the Company's North American Credit
Agreement.
The Company intends to use the net proceeds from the offering to
repay approximately $150.0 million of
its outstanding borrowings under its North American revolving
credit facility.
The notes were 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.
This 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.
About PRA Group, Inc.
As 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.
About Forward-Looking Statements
Statements made
herein that are not historical in nature, including PRA Group,
Inc.'s or its management's intentions, hopes, beliefs,
expectations, representations, projections, plans or predictions of
the future, are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
The forward-looking statements in this press release are based
upon management's current beliefs, estimates, assumptions and
expectations of PRA Group, Inc.'s future operations and financial
and economic performance, taking into account currently available
information. These statements are not statements of historical fact
or guarantees of future performance, and there can be no assurance
that anticipated events will transpire or that the Company's
expectations will prove to be correct. Forward-looking statements
involve risks and uncertainties, some of which are not currently
known to PRA Group, Inc. Actual events or results may differ
materially from those expressed or implied in any such
forward-looking statements as a result of various factors,
including risk factors and other risks that are described from time
to time in PRA Group, Inc.'s filings with the Securities and
Exchange Commission, including PRA Group, Inc.'s annual reports on
Form 10-K, its quarterly reports on Form 10-Q and its current
reports on Form 8-K, which are available through PRA Group, Inc.'s
website and contain a detailed discussion of PRA Group, Inc.'s
business, including risks and uncertainties that may affect future
results.
Due to such uncertainties and risks, you are cautioned not to
place undue reliance on such forward-looking statements, which
speak only as of today. Information in this press release may be
superseded by more recent information or statements, which may be
disclosed in later press releases, subsequent filings with the
Securities and Exchange Commission or otherwise. Except as required
by law, PRA Group, Inc. assumes no obligation to publicly update or
revise its forward-looking statements contained herein to reflect
any change in PRA Group, Inc.'s expectations with regard thereto or
to reflect any change in events, conditions or circumstances on
which any such forward-looking statements are based, in whole or in
part.
Investor Contact:
Najim
Mostamand, CFA
Vice President, Investor Relations
(757) 431-7913
IR@PRAGroup.com
News Media Contact:
Elizabeth
Kersey
Senior Vice President, Communications and Public Policy
(757) 641-0558
Elizabeth.Kersey@PRAGroup.com
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SOURCE PRA Group, Inc.
