PRA Group to repay revolving debt with proceeds from convertibles

By Marisa Wong

Morgantown, W.Va., May 22 – PRA Group, Inc. said it plans to repay debt outstanding under its North American revolving credit facility using proceeds from an offering of convertible notes.

On Monday the company announced plans to offer $300 million of convertible senior notes due 2023 with an up to $45 million greenshoe.

The company also intends to use note proceeds to repurchase about $30 million to $45 million of its common stock.

PRA Group is a debt buyer based in Norfolk, Va.

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