PRA expands revolving credit facility to $725 million, adds lender

By Marisa Wong

Morgantown, W.Va., Dec. 30 – PRA Group said it has expanded its credit agreement, increasing its domestic revolving credit facility by $125 million to a total of $725 million.

On Dec. 23, the company exercised the accordion feature available under its credit agreement dated Dec. 19, 2012, increasing the commitments of two existing lenders under its revolver and including an additional lender, according to a news release.

“This addition to our credit facility expands our capacity to invest and increases our flexibility as it relates to capital deployment, further supporting our continuing focus on sustaining long-term returns in the market,” Kevin Stevenson, PRA’s president, chief administrative officer and interim chief financial officer, said in the release.

Based in Norfolk, Va., PRA acquires and collects non-performing loans.

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