PRA GROUP INC (PRAA): debt financing — PRA Group issues $400M of 8.375% Senior Notes due 2028; proceeds to retire 2023 convertible notes

PRA GROUP INC

$400M principal amount, 8.375% interest, matures Feb 1, 2028.
Proceeds: $345M to retire 3.50% convertible notes due 2023; ~$51M to repay revolving borrowings.
Notes are senior unsecured, guaranteed by domestic restricted subsidiaries, effectively subordinated to secured debt.
Optional redemption: make-whole prior to Feb 2025; thereafter at specified premiums (104.188% in 2025, etc.).
Covenant to deposit $345M into segregated account for convertible note retirement.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PRA GROUP INC incurred senior notes of $400,000,000 with Noteholders at 8.375% per annum maturing February 1, 2028.

Instrument: senior notes
Principal: $400,000,000
Counterparty: Noteholders
Rate: 8.375% per annum
Maturity: February 1, 2028
Event: incurrence

Exact text from the filing

On February 6, 2023, PRA Group, Inc. (the “Company”) completed its previously announced offering of $400 million aggregate principal amount of 8.375% Senior Notes due 2028 (the “Notes”) in a private transaction that was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PRA GROUP INC entered into Indenture with Regions Bank, as trustee valued at $400 million (effective 2023-02-06).

Action: entry
Agreement: notes offering
Counterparty: Regions Bank, as trustee
Value: $400 million
Effective: 2023-02-06

Exact text from the filing

On February 6, 2023, PRA Group, Inc. (the “Company”) completed its previously announced offering of $400 million aggregate principal amount of 8.375% Senior Notes due 2028 (the “Notes”) in a private transaction that was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

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Source: SEC EDGAR

accession 0001193125-23-025557

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