PRA Group Announces Proposed Offering of Additional $100.0 Million of Senior Notes due 2030
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 (Nasdaq: PRAA) ha annunciato piani per offrire 100,0 milioni di dollari in note senior con scadenza nel 2030, soggette alle condizioni di mercato. Queste note saranno un'emissione aggiuntiva rispetto alle esistenti Note Senior all'8,875% con scadenza nel 2030, di cui 400,0 milioni di dollari erano stati già emessi a maggio 2020. Le note saranno garantite dalle sussidiarie nazionali dell'azienda che sono mutuatari o garanti nell'ambito del suo Accordo di Credito Nordamericano. I proventi saranno utilizzati per rimborsare circa 100,0 milioni di dollari di prestiti in essere sotto la loro linea di credito revolving nordamericana. L'offerta è destinata a compratori istituzionali qualificati secondo la Regola 144A e a determinate persone non statunitensi ai sensi del Regolamento S.
PRA Group (Nasdaq: PRAA) anunció planes para ofrecer 100,0 millones de dólares en notas senior que vencerán en 2030, sujeto a las condiciones del mercado. Estas notas serán una emisión adicional a sus Notas Senior del 8,875% que vencen en 2030, de las cuales 400,0 millones de dólares fueron emitidos previamente en mayo de 2020. Las notas estarán garantizadas por las subsidiarias nacionales de la empresa que son prestatarias o garantes bajo su Acuerdo de Crédito de América del Norte. Los ingresos se utilizarán para pagar aproximadamente 100,0 millones de dólares en préstamos pendientes bajo su línea de crédito rotativa en América del Norte. La oferta está destinada a compradores institucionales calificados bajo la Regla 144A y a ciertas personas no estadounidenses bajo la Regulación S.
PRA 그룹(Nasdaq: PRAA)은 시장 조건에 따라 2030년 만기 senior notes를 1억 달러 규모로 제공할 계획을 발표했습니다. 이러한 노트는 2030년 만기인 8.875% Senior Notes의 추가 발행이 될 것이며, 2020년 5월에 4억 달러가 미리 발행되었습니다. 노트는 북미 신용 계약에 따라 채무자 또는 보증인인 회사의 국내 자회사가 보증합니다. 수익금은 북미 회전 신용 시설에서 미지급 대출의 약 1억 달러를 상환하는 데 사용될 것입니다. 이번 제안은 144A 규칙에 따라 자격이 있는 기관 투자자 및 S 규정에 따라 특정 비미국인에게 제공됩니다.
PRA Group (Nasdaq: PRAA) a annoncé des plans pour offrir 100,0 millions de dollars d'obligations senior arrivant à échéance en 2030, sous réserve des conditions du marché. Ces obligations constitueront une émission supplémentaire de leurs Obligations Senior à 8,875% qui arrivent à échéance en 2030, dont 400,0 millions de dollars avaient déjà été émises en mai 2020. Les obligations seront garanties par les filiales domestiques de l'entreprise qui sont emprunteurs ou garants dans le cadre de son Accord de Crédit nord-américain. Les produits seront utilisés pour rembourser environ 100,0 millions de dollars d'emprunts en cours dans le cadre de leur ligne de crédit renouvelable nord-américaine. L'offre s'adresse aux acheteurs institutionnels qualifiés conformément à la Règle 144A et à certaines personnes non américaines conformément à la Réglementation S.
PRA Group (Nasdaq: PRAA) kündigte Pläne an, 100,0 Millionen Dollar an Senior Notes mit Fälligkeit im Jahr 2030 anzubieten, abhängig von den Marktbedingungen. Diese Notes werden eine zusätzliche Emission zu ihren bestehenden 8,875% Senior Notes mit Fälligkeit 2030 sein, von denen bereits 400,0 Millionen Dollar im Mai 2020 ausgegeben wurden. Die Notes werden von den inländischen Tochtergesellschaften des Unternehmens garantiert, die Kreditnehmer oder Bürgen im Rahmen des nordamerikanischen Kreditvertrags sind. Die Erlöse werden verwendet, um etwa 100,0 Millionen Dollar an ausstehenden Darlehen im Rahmen ihrer nordamerikanischen revolvierenden Kreditfazilität zurückzuzahlen. Das Angebot richtet sich an qualifizierte institutionelle Käufer gemäß Regel 144A und bestimmte Nicht-US-Personen gemäß Vorschrift S.
- Refinancing $100M of revolving credit facility debt with senior notes
- Maintaining consistent debt structure by adding to existing notes
- High interest rate of 8.875% on the notes
- Taking on additional long-term debt obligations
Insights
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
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
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
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.
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 the Company's 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:
Najim Mostamand, CFA
Vice President, Investor Relations
(757) 431-7913
IR@PRAGroup.com
News Media Contact:
Elizabeth Kersey
Senior Vice President, Communications and Public Policy
(757) 641-0558
Elizabeth.Kersey@PRAGroup.com
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SOURCE PRA Group, Inc.
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