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, 2024 and its UK Credit
Agreement on October 30, 2024. The
amendments extended the maturities for both credit facilities,
totaling $2.3 billion of 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, 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.