PRA Group issues $400M 8.875% Senior Notes due 2030; refinances existing debt

PRA GROUP INC

Issued $400M aggregate principal amount of 8.875% Senior Notes due January 31, 2030.
Interest payable semiannually on Jan 31 and Jul 31, beginning Jan 31, 2025.
Net proceeds used to repay ~$396M of borrowings under North American revolving credit facility.
Company intends to borrow $298M under revolver on Sep 1, 2024 to redeem 7.375% Senior Notes due 2025.
Notes are senior unsecured and guaranteed by domestic subsidiaries that guarantee the credit agreement.

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