PRA Group talks $300 million eight-year notes at 5 1/8% area yield; pricing Friday

By Paul A. Harris

Portland, Ore., Sept. 16 – PRA Group, Inc. talked its $300 million offering of eight-year senior notes (Ba2//BB+) to yield in the 5 1/8% area, in line with initial guidance in the low-5% area, according to market sources.

Books close at 10 a.m. ET on Friday, and the deal is set to price thereafter.

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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