PRAA•PRA Group priced a private offering of $400 million of 8.5% senior notes due 2033. It plans to use the proceeds, along with cash on hand, to repay about $400 million drawn on its North American revolving credit facility.
The notes were issued under an Oct. 2, 2026 indenture and carry interest at 8.5%, payable semiannually on April 15 and Oct. 15, beginning April 15, 2027.
Domestic restricted subsidiaries that guarantee the North American credit agreement will provide senior unsecured guarantees of the notes, subject to exceptions. Following a change of control, PRA Group must offer to repurchase the notes at 101% of principal, excluding accrued and unpaid interest.
