PRA Group Announces $80 Million Increase to Share Repurchase Authorization

Rhea-AI Summary

PRA Group, Inc. (Nasdaq: PRAA) has announced an $80 million increase to its existing share repurchase authorization, reflecting its strong capital position and commitment to enhancing shareholder value. This expansion aligns with recent credit facility amendments and will be managed while balancing the company's investment pipeline and growth targets. The program has no expiration date and is subject to market conditions and regulatory requirements, with purchases made at the discretion of the Board of Directors.

Positive

• Authorized an $80 million increase in share repurchase program, enhancing shareholder value.
• Strong capital position allows flexibility in managing investments and growth targets.

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• None.

NORFOLK, Va., Nov. 1, 2021 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that its Board of Directors has authorized an increase of $80 million to its existing share repurchase authorization.

"We believe that our strong and conservative capital position not only puts us in a good competitive position, but also allows us to provide additional value to investors.  We decided to expand our share repurchase program in order to more closely align with credit facility amendments made during the third quarter.  We intend to continue to manage this program balancing our current portfolio investment pipeline and business plan while maintaining our leverage and growth targets," said Pete Graham, executive vice president and chief financial officer of PRA Group, Inc. 

The share repurchase program has no stated expiration date and repurchases may be made through open market purchases or other available means at the Company's discretion, subject to applicable regulatory requirements.  Repurchases are subject to market conditions and other factors, and the share repurchase program remains subject to the discretion of the Company's Board of Directors.

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. For more information, please visit www.pragroup.com.  

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 our 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:
Pete Graham
Executive Vice President and Chief Financial Officer
(757) 431-7913
IR@PRAGroup.com

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SOURCE PRA Group

FAQ

What is the significance of PRAA's $80 million share repurchase increase?

The $80 million increase in PRAA's share repurchase program aims to provide greater value to shareholders and reflects the company's strong capital position.

When was the share repurchase authorization increase for PRAA announced?

The increase to the share repurchase authorization was announced on November 1, 2021.

How will the share repurchase program impact PRAA's stock price?

The repurchase program could positively influence PRAA's stock price by reducing the number of shares outstanding, potentially increasing earnings per share (EPS).

Does the share repurchase program for PRAA have an expiration date?

No, the share repurchase program announced by PRAA has no stated expiration date.

What conditions affect PRAA's share repurchase program?

PRAA's share repurchase program is subject to market conditions and regulatory requirements, with purchases made at the discretion of the Board of Directors.