PRA Group, Inc. announced on October 31, 2024, that it amended and extended its North American Credit Agreement on October 28, 2024, and its UK Credit Agreement on October 30, 2024. These amendments extended the maturities for both credit facilities for five years, now set to expire in October 2029.
The combined aggregate commitment amount for these credit facilities totals $2.3 billion. The interest margins for these agreements remain unchanged from previous terms, with the North American Credit Agreement at 2.25% and the UK Credit Agreement at 2.75%.
This extension provides PRA Group with continued financial flexibility, supporting its ongoing business transformation and future growth initiatives. The company's Chief Financial Officer, Rakesh Sehgal, stated that the continued support from lenders positions PRA Group to capitalize on the strong portfolio supply environment.
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