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PRA Group, Inc. (Nasdaq: PRAA) is a global leader in acquiring and collecting nonperforming loans. The company returns capital to banks and other creditors, helping to expand financial services for consumers in the Americas, Europe, and Australia. PRA Group is renowned for its comprehensive debt resolution services, providing a range of revenue and recovery solutions for business and government clients.
The company operates in two main portfolio segments: Core, which focuses on purchasing and collecting nonperforming loans that the original lenders have chosen not to pursue, and Insolvency, which deals with nonperforming loans involving customers in bankruptcy proceedings. Additionally, PRA Group offers fee-based services on class action claims recoveries in the United States.
With thousands of employees worldwide, PRA Group collaborates closely with customers to help them resolve their debt, fostering a spirit of cooperation and financial improvement. The company's commitment to excellence has earned it numerous accolades, including recognition as one of Fortune's 100 fastest-growing companies for three years and Forbes' Best Small Companies in America for eight consecutive years since 2007.
In line with its commitment to diversity and inclusion, PRA Group has launched several Employee Resource Groups (ERGs) to support its workforce. Noteworthy among them is the Black Excellence ERG, which celebrates and embraces Black culture globally. This ERG, along with others like Women in Business Advocates and the Mental and Emotional Well-Being ERG, underscores the company’s dedication to creating an inclusive environment.
Recent achievements include the financial results for the fourth quarter and full year of 2023, where PRA Group reported strong performance in its European sector and significant strides in improving its U.S. operations. The company purchased portfolios worth $285 million in the fourth quarter alone, demonstrating robust growth and investment discipline.
For those interested in the latest developments, PRA Group consistently updates its stakeholders through news releases and financial reports. Notable announcements include the appointment of Steve Macke as Global Operations Officer and the successful launch of the ¡Hola! ERG, aimed at supporting Hispanic and Latino employees.
For further information, visit their official website at www.pragroup.com or follow their latest news and updates.
PRA Group announced the pricing of an upsized offering of $150.0 million aggregate principal amount of 8.875% Senior Notes due 2030, increased from the previously announced $100.0 million. The notes are priced at 103.625% of their principal amount and will be issued under the same indenture as the existing $400.0 million notes from May 20, 2024. The notes will be guaranteed by the Company's domestic subsidiaries and the proceeds will be used to repay approximately $150.0 million of outstanding borrowings under its North American revolving credit facility. The offering is expected to close around November 25, 2024.
PRA Group (Nasdaq: PRAA) announced plans to offer $100.0 million in senior notes due 2030, subject to market conditions. These notes will be an additional issuance to their existing 8.875% Senior Notes due 2030, of which $400.0 million was previously issued in May 2020. The notes will be guaranteed by the company's domestic subsidiaries that are borrowers or guarantors under its North American Credit Agreement. The proceeds will be used to repay approximately $100.0 million of outstanding borrowings under their North American revolving credit facility. The offering is to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S.
PRA Group (PRAA), a global leader in nonperforming loan acquisition and collection, has announced its participation in four major investor conferences during November and December 2024. The company will attend the Citizens JMP Securities Financial Services Conference on November 12 in New York, the Furey Research Partners Hidden Gems Conference on November 26 virtually, the Bank of America Leveraged Finance Conference on December 3 in Boca Raton, and the Sidoti Virtual Small-Cap Conference on December 5. The schedule includes one-on-one meetings and presentations, with some events featuring fireside chats and virtual presentations.
PRA Group (PRAA) reported strong Q3 2024 results with net income of $27.2 million, or $0.69 per diluted share, including a $7.7 million tax benefit. The company achieved total portfolio purchases of $350.0 million and total cash collections of $477.1 million, representing a 13.7% year-over-year increase. The company reached a record estimated remaining collections (ERC) of $7.3 billion and maintained a cash efficiency ratio of 60.1%. Portfolio revenue increased 30.5% to $276.7 million compared to Q3 2023. The company is on track to exceed its 2024 targets and has announced new targets for 2025, including portfolio investments exceeding $1.0 billion and cash collections growth of 8-10%.
PRA Group has successfully amended and extended its North American and UK Credit Agreements through October 2029, maintaining a total commitment amount of $2.3 billion. The interest margins remain unchanged at 2.25% for North America and 2.75% for the UK. The company's CFO, Rakesh Sehgal, emphasized that these extensions provide financial flexibility for business transformation and growth, positioning PRA Group to capitalize on the strong portfolio supply environment through cash generation, credit facilities, and capital market access in both the U.S. and Europe.
PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has announced it will report its third quarter 2024 results after market close on Monday, November 4, 2024. This will be followed by a webcast and conference call at 5 p.m. E.T. Investors can listen to the webcast and view slides at https://ir.pragroup.com/events-and-presentations. For those preferring to listen by phone, call 646-357-8785 in the U.S. or 1-800-836-8184 outside the U.S.
A replay of the call will be available on the same website until November 4, 2025, or by phone until November 11, 2024. PRA Group also plans to report its fourth quarter and full year 2024 results after market close on Monday, February 24, 2025.
PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has appointed Adrian Murphy as its global chief data and analytics officer, effective Sept. 16, 2024. Murphy, who will report to CEO Vik Atal and join the senior leadership team, brings nearly three decades of industry experience to the role.
Murphy's expertise includes serving as a partner at McKinsey & Company's Banking and Risk divisions and Oliver Wyman, where he led transformation projects across various sectors. His appointment aims to drive business growth through cutting-edge analytic solutions, optimize operations, enhance customer experience, and increase shareholder value.
PRA Group's Elizabeth Kersey, senior vice president of communications and public policy, has won a Silver Stevie® Award in the 21st Annual International Business Awards®. Kersey was recognized in the Communications, Investor Relations or PR Executive of the Year category. The 2024 IBAs received entries from organizations in 62 nations, with over 3,600 nominations submitted.
Kersey leads PRA Group's global communications, branding, public relations, corporate philanthropy, and government relations efforts. Her work was praised by judges for influencing internal and external communication and leaving a mark on the company's history. PRA Group's CEO, Vik Atal, commended Kersey's enduring commitment and expertise in driving the company forward.
The awards ceremony will be held on October 11, 2024, at the InterContinental Hotel in Istanbul, Türkiye.
PRA Group (Nasdaq: PRAA) reported its Q2 2024 financial results, showing signs of a successful turnaround in its U.S. business. Key highlights include:
- Net income of $21.5 million, or $0.54 per diluted share
- Total portfolio purchases of $379.4 million
- Total cash collections of $473.9 million, up 13% year-over-year
- Estimated remaining collections (ERC) of $6.8 billion
- Cash efficiency ratio of 58.9%
- Adjusted EBITDA for the 12 months ended June 30, 2024 of $1.1 billion
The company saw strong portfolio supply and attractive pricing globally. Cash collections growth was driven by higher recent purchases and operational initiatives, particularly in the U.S. legal collections channel. PRA Group remains focused on sustaining profitability and positioning for future growth.
PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, celebrates 10 years since acquiring Aktiv Kapital AS, marking the start of significant global expansion. The milestone was commemorated with celebrations across Europe and North America, highlighting the company's evolution into a global enterprise.
Key points:
- The acquisition in 2014 expanded PRA Group's operations to Austria, Canada, Finland, Germany, Norway, Spain, Sweden, Switzerland, and the U.K.
- Over one-third of colleagues who joined through the acquisition remain with the company, demonstrating a strong unified culture.
- PRA Group has continued expanding, now operating in 18 countries with over 3,000 employees.
- The geographic diversity has provided balance for the cyclical business and created opportunities for innovation and career growth.
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