NORFOLK,
Va., Nov. 20, 2024 /PRNewswire/ -- PRA Group,
Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring
and collecting nonperforming loans, announced today that it plans,
subject to market and other conditions, to offer $100.0 million aggregate principal amount of
senior notes due 2030 (the "notes") in a private transaction that
is exempt from the registration requirements of the Securities Act
of 1933, as amended (the "Securities Act"). The notes will be a
further issuance of the Company's existing 8.875% Senior Notes due
2030 and will be issued as additional notes under the indenture
dated as of May 20, 2024, pursuant to
which the Company previously issued $400.0
million aggregate principal amount of 8.875% Senior Notes
due 2030 (the "existing notes"). The notes will be of the same
class and series as, and are otherwise identical to, the existing
notes other than with respect to the date of issuance and issue
price.
The notes will be guaranteed on a
senior unsecured basis by each of the Company's
existing and future domestic subsidiaries that is a borrower
or guarantor under the Company's North American Credit
Agreement.
The Company intends to use the net proceeds from the offering to
repay approximately $100.0 million of
its outstanding borrowings under its North American revolving
credit facility.
The notes are being offered only to qualified institutional
buyers in reliance on Rule 144A under the Securities Act and to
certain persons outside of the United
States pursuant to Regulation S under the Securities
Act.
This announcement is neither an offer to sell, nor a
solicitation of an offer to buy, any of these securities and shall
not constitute an offer, solicitation or sale in any jurisdiction
in which such offer, solicitation or sale is unlawful. Any offer of
these securities will be made only by means of a private offering
memorandum. The offer and sale of the notes have not been and will
not be registered under the Securities Act or any state securities
laws, and unless so registered, the notes may not be offered or
sold in the United States except
pursuant to an exemption from the registration requirements of the
Securities Act and applicable state laws.
About PRA Group, Inc.
As a global leader in acquiring and collecting nonperforming
loans, PRA Group, Inc. returns capital to banks and other creditors
to help expand financial services for consumers in the
Americas, Europe and Australia. With thousands of
employees worldwide, PRA Group, Inc. companies collaborate with
customers to help them resolve their debt.
About Forward-Looking Statements
Statements made herein that are not historical in nature,
including PRA Group, Inc.'s or its management's intentions, hopes,
beliefs, expectations, representations, projections, plans or
predictions of the future, are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended.
The forward-looking statements in this press release are based
upon management's current beliefs, estimates, assumptions and
expectations of PRA Group, Inc.'s future operations and financial
and economic performance, taking into account currently available
information. These statements are not statements of historical fact
or guarantees of future performance, and there can be no assurance
that anticipated events will transpire or that the Company's
expectations will prove to be correct. Forward-looking statements
involve risks and uncertainties, some of which are not currently
known to PRA Group, Inc. Actual events or results may differ
materially from those expressed or implied in any such
forward-looking statements as a result of various factors,
including risk factors and other risks that are described from time
to time in PRA Group, Inc.'s filings with the Securities and
Exchange Commission, including PRA Group, Inc.'s annual reports on
Form 10-K, its quarterly reports on Form 10-Q and its current
reports on Form 8-K, which are available through PRA Group, Inc.'s
website and contain a detailed discussion of PRA Group, Inc.'s
business, including risks and uncertainties that may affect future
results.
Due to such uncertainties and risks, you are cautioned not to
place undue reliance on such forward-looking statements, which
speak only as of today. Information in this press release may be
superseded by more recent information or statements, which may be
disclosed in later press releases, subsequent filings with the
Securities and Exchange Commission or otherwise. Except as required
by law, PRA Group, Inc. assumes no obligation to publicly update or
revise its forward-looking statements contained herein to reflect
any change in PRA Group, Inc.'s expectations with regard thereto or
to reflect any change in events, conditions or circumstances on
which any such forward-looking statements are based, in whole or in
part.
Investor Contact:
Najim
Mostamand, CFA
Vice President, Investor Relations
(757) 431-7913
IR@PRAGroup.com
News Media Contact:
Elizabeth
Kersey
Senior Vice President, Communications and Public Policy
(757) 641-0558
Elizabeth.Kersey@PRAGroup.com
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SOURCE PRA Group, Inc.
