10/31/2024 | Press release | Distributed by Public on 10/31/2024 14:13
PRA Group Announces Amendment and Extension of North American and United Kingdom Credit Agreements
NORFOLK, Va., Oct. 31, 2024/PRNewswire / -- PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, announced today that it amended and extended its North American Credit Agreement on October 28, 2024and its UK Credit Agreement on October 30, 2024. The amendments extended the maturities for both credit facilities, totaling $2.3 billionof aggregate commitment amount, for five years to October 2029. Pricing remains the same as the previous agreements at an interest margin of 2.25% for the North American Credit Agreement and 2.75% for the UK Credit agreement.
"We are pleased to be able to amend and extend our North American and UK credit facilities," said Rakesh Sehgal, executive vice president and chief financial officer. "We are grateful for the support of our existing lenders and are happy to welcome the new lenders to our credit facilities. The continued support from our lenders provides us the financial flexibility as we continue to transform our business and drive future growth. We believe the cash generated from our business, the capital available under our credit facilities, and access to capital markets in both the U.S. and Europe, position us to capitalize on the strong portfolio supply environment."
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, Europeand Australia. With thousands of employees worldwide, PRA Group, Inc. companies collaborate with customers to help them resolve their debt.
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Investor Contact:
Najim Mostamand, CFA
Vice President, Investor Relations
(757) 431-7913
[email protected]
News Media Contact:
Elizabeth Kersey
Senior Vice President, Communications and Public Policy
(757) 641-0558
[email protected]
SOURCE PRA Group, Inc.