secwatch.observer — SEC 8-K summary
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Issuer:     PRA GROUP INC (PRAA)
CIK:        0001185348
Form:       8-K
Filed at:   2023-02-06T23:59:59+00:00
Accession:  0001193125-23-025557
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1185348/000119312523025557/0001193125-23-025557-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1185348/000119312523025557/d447977d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-025557

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