Exhibit 99.1
PRA Group Announces Proposed Offering of Additional $100.0 Million of Senior Notes due 2030
NORFOLK, Va., November 20, 2024 - 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.