PRA Group to price $300 million eight-year senior notes on Friday; initial talk low-5% area

By Paul A. Harris

Portland, Ore., Sept. 15 – PRA Group, Inc. plans to price a $300 million offering of eight-year senior notes (expected ratings Ba2//BB+) on Friday, according to market sources.

The deal, which was set to kick off on a Wednesday conference call with investors, is in the market with initial guidance in the low-5% area.

Truist Securities Inc. is the left bookrunner. BofA Securities Inc., Capital One Securities Inc., DNB Markets Inc., Fifth Third Securities Inc. and MUFG are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Norfolk, Va.-based debt collector plans to use the proceeds to repay borrowings under its North American revolver.

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