PRA Group prices $400M of 8.875% senior notes due 2030 to repay revolver and refinance 2025 notes

PRA GROUP INC

Priced $400.0M aggregate principal of 8.875% Senior Notes due 2030 in private placement; closing expected May 20, 2024.
Net proceeds to repay ~$396.0M of borrowings under its North American revolving credit facility.
Thereafter, will use revolver borrowings around Sep 1, 2024 to redeem $298.0M of 7.375% Senior Notes due 2025.
Notes are senior unsecured and guaranteed by existing and future domestic subsidiaries that are borrowers/guarantors under North American Credit Agreement.
Offered under Rule 144A and Regulation S; not registered under Securities Act.

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