---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-025557"
form_type: "8-K"
ticker: "PRAA"
cik: "0001185348"
company_name: "PRA GROUP INC"
filed_at: "2023-02-06T23:59:59+00:00"
generated_at: "2026-06-19T23:51:59.204033+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# PRA Group issues $400M of 8.375% Senior Notes due 2028; proceeds to retire 2023 convertible notes

## Summary
- $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.

## SEC filing metadata
- accession: 0001193125-23-025557
- form_type: 8-K
- ticker: PRAA
- cik: 0001185348
- company_name: PRA GROUP INC
- filed_at: 2023-02-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1185348/000119312523025557/0001193125-23-025557-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1185348/000119312523025557/d447977d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-025557
- JSON: https://secwatch.observer/filing/0001193125-23-025557.json
- Plain text: https://secwatch.observer/filing/0001193125-23-025557.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1185348/000119312523025557/0001193125-23-025557-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1185348/000119312523025557/0001193125-23-025557-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.