By Paul A. Harris
Portland, Ore., Aug. 13 – PRA Group, Inc. priced a $300 million issue of five-year senior notes (Ba2/BB+) at par to yield 7 3/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 7½% area. Initial talk was in the high 7% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Truist Securities Inc., Fifth Third Securities Inc., DNB, MUFG and Capital One Securities Inc.
The Norfolk, Va.-based company, which acquires and collects on nonperforming loans, plans to use the proceeds to repay debt under its North American revolving credit facility.
| Issuer: | PRA Group, Inc.
|
| Amount: | $300 million
|
| Maturity: | Sept. 1, 2025
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | Truist Securities Inc., Fifth Third Securities Inc., DNB, MUFG and Capital One Securities Inc.
|
| Co-managers: | Citizens Capital Markets Inc. and Regions Securities LLC
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 705 bps
|
| Call protection: | Two years
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 27
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% area
|
| Marketing: | Roadshow
|
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