PRAA - PRA Group prices $400M upsized senior notes offering

• PRA Group ( NASDAQ: PRAA ) has priced its offering of $400M of 8.375% Senior Notes due 2028.
• The offering was upsized by $50M from the previously announced $350M. The notes will be guaranteed on a senior unsecured basis by each of PRA Group's ( PRAA ) existing and future domestic subsidiaries that is a borrower or guarantor under PRA Group's North American Credit Agreement.
• The company will deposit $345M of the net proceeds from the offering into a segregated account and use such proceeds to retire all or any portion of its 3.50% convertible senior notes due 2023. Remainder proceeds will be used to repay ~$51M of outstanding revolving borrowings under the company's North American credit agreement.

For further details see: