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”).

View on SEC.gov

102 debt financings filed in the last 30 days. Browse all debt financings →

PRA GROUP INC filing history →

Source: SEC EDGAR

accession 0001193125-23-025557

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