PRA Group completes $400 million 8.500% senior notes due 2033 offering

PRA GROUP INC

PRA Group issued $400 million aggregate principal amount of 8.500% Senior Notes due 2033 under an indenture with Regions Bank as trustee.
Interest accrues at 8.500% per annum, payable semiannually on April 15 and October 15, starting April 15, 2027; notes mature October 15, 2033.
Net proceeds and available cash will repay about $400.0 million of borrowings under PRA's North American revolving credit facility, without reducing the commitment.
The notes are guaranteed on a senior unsecured basis by existing and future domestic restricted subsidiaries that guarantee the North American Credit Agreement.
Indenture limits indebtedness, liens, dividends, investments, asset sales, mergers; change of control requires repurchase at 101% of principal plus accrued interest.

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