PRA Group Announces Refinancing of European Credit Facilities

Rhea-AI Summary

PRA Group, Inc. (Nasdaq: PRAA) announced the successful refinancing of its European credit facilities on April 1, 2022. This includes an $800 million UK credit facility and a resized $750 million facility for the rest of Europe. The refinancing process has been supported by both new and existing lenders, enhancing the company's flexibility and lowering borrowing costs. The CFO, Pete Graham, acknowledged the ongoing support from their banking partners during this transition.

Positive

• Completion of $800 million UK credit facility enhances financial flexibility.
• Resized $750 million credit facility for Europe reduces borrowing costs.
• Support from diverse lenders indicates strong financial relationships.

Negative

• None.

NORFOLK, Va., April 4, 2022 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, announced today that on April 1, 2022, it completed the refinancing of its European credit facilities.  This refinancing includes a new $800 million UK credit facility and an amended and resized $750 million credit facility covering the rest of Europe, excluding the UK.  The new UK facility includes a diverse group of both new and existing lenders that participate in both the North American and European credit facilities.

"Our global bank group has been extremely supportive through the entire process.  We are appreciative of the significant commitments from our long-time banking partners and pleased to welcome new members to the bank group.  This refinancing provides us with additional flexibility, further diversifies our lending group, and decreases overall borrowing costs.  We appreciate the continued partnership and ongoing support from our lenders," said Pete Graham, executive vice president and chief financial officer for PRA Group, Inc.

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 which 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 but not limited to 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 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 

News Media Contact:
Elizabeth Kersey
Senior Vice President, Communications and Public Policy
(757) 431-3398
Elizabeth.Kersey@PRAGroup.com

 

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SOURCE PRA Group

FAQ

What is the recent refinancing announcement by PRA Group (PRAA)?

PRA Group announced the refinancing of its European credit facilities on April 1, 2022, which includes an $800 million UK credit facility and a resized $750 million facility for the rest of Europe.

How much did PRA Group raise through the new credit facilities?

PRA Group raised $800 million through the new UK credit facility and resized $750 million for other European operations.

Who supported PRA Group in their refinancing process?

PRA Group's refinancing was supported by both new and existing lenders, showcasing a strong banking partnership.

What are the benefits of PRA Group's refinancing?

The refinancing provides increased flexibility and decreased overall borrowing costs for PRA Group.