On Wednesday, PRA Group, Inc. (PRAA) announced its plan to issue $400 million in Senior Notes, due in 2030, through a private offering.
The Notes, which will be guaranteed by the Company's current and future domestic subsidiaries, are intended to assist in repaying $396 million of its existing debt under its North American revolving credit facility.
Following this, PRA Group intends to use funds from the North American Revolver to redeem $298 million of its 7.375% Senior Notes, due in 2025.
This offering targets qualified institutional buyers under Rule 144A and certain foreign investors under Regulation S of the Securities Act.
