PRA Group closes $1.55 billion refinancing of European facilities

By Wendy Van Sickle

Columbus, Ohio, April 4 – PRA Group Inc. refinanced its European credit facilities with a new $800 million credit facility available in the United Kingdom and an amended and resized $750 million credit facility covering the rest of Europe, according to a news release.

The new U.K. facility includes both new and existing lenders that participate in both the North American and European credit facilities.

"This refinancing provides us with additional flexibility, further diversifies our lending group and decreases overall borrowing costs," said Pete Graham, executive vice president and chief financial officer for PRA Group, in the release.

PRA is a Norfolk, Va.-based financial and business services company.

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