PRA Group Intends To Offer $400 Mln Of Senior Notes, Due 2030

(RTTNews) - Wednesday, PRA Group, Inc. (PRAA) announced its intention to offer $400 million in Senior Notes, due 2030 in a private transaction.

The Notes, to be guaranteed by the Company's current and future domestic subsidiaries, is expected to help repay $396 million of its existing debt under its North American revolving credit facility.

Subsequently, PRA Group plans to utilize funds from the North American Revolver to redeem $298 million of 7.375% Senior Notes, due 2025.

The offering is aimed at qualified institutional buyers under Rule 144A and certain foreign entities under Regulation under the Securities Act.