PRA Group proposes $350M senior notes; Q4 revenue, collections down double-digits YoY

PRA GROUP INC

Plans to offer $350M senior notes due 2028; net proceeds to retire 2023 convertible notes.
Preliminary Q4 2022 cash collections $372-411M, down 12-21% YoY from $474M.
Preliminary Q4 2022 total revenues $212-234M, down 9-18% YoY from $257M.
Preliminary Q4 2022 adjusted EBITDA $226-250M, down 16-24% YoY from $298M.
Portfolio acquisitions in 2022 estimated $850M (high) vs $972M actual in 2021, reflecting lower purchases.

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