PRA Group, Inc. announced on November 20, 2024, the pricing of an upsized offering of $150.0 million aggregate principal amount of 8.875% Senior Notes due 2030. This offering was upsized by $50.0 million from the previously announced $100.0 million.
The notes were priced at 103.625% of their principal amount and will be a further issuance of the company's existing 8.875% Senior Notes due 2030. The offering is expected to close on or about November 25, 2024, subject to customary closing conditions.
PRA Group intends to use the net proceeds from this offering to repay approximately $150.0 million of its outstanding borrowings under its North American revolving credit facility. This move aims to manage the company's debt profile and enhance its financial flexibility.
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