PRA Group, Inc., a global leader in acquiring and collecting nonperforming loans, announced today that its wholly-owned subsidiary, PRA Group Europe Holding II S.à r.l. Luxembourg, a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg, plans, subject to market and other conditions, to offer €300 million aggregate principal amount of senior notes due 2032 (the “Notes”) in a private transaction that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).
The Notes will be guaranteed on a senior unsecured basis by the Company and each of the Company’s existing and future domestic subsidiaries that is a borrower or guarantor under the Company’s North American Credit Agreement.
PRA Group intends to use the net proceeds from the offering to repay approximately $174 million of its outstanding borrowings under its North American revolving credit facility and approximately $174 million of its outstanding borrowings under its European revolving credit facility.
The Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain persons outside of the United States pursuant to Regulation S under the Securities Act.
This announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of these securities will be made only by means of a private offering memorandum. The offer and sale of the Notes have not been and will not be registered under the Securities Act or any state securities laws, and unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.
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