PRA Group ups North American credit facility to $1.12 billion total

By Wendy Van Sickle

Columbus, Ohio, Oct. 8 – PRA Group, Inc. amended and expanded its North American credit facility on Thursday, increasing the U.S. revolving portion by $363 million for a total North American revolving credit facility of $1,118,000,000, according to a press release.

The amended facility also increased the accordion feature to $500 million from $45 million.

Meanwhile, the revolving portion of the European credit facility was reduced by $100 million to $800 million.

The term loan portion of the facility, as well as rates and maturity, are unchanged.

“The changes to our North American and European facilities balance excess capacity in Europe and provide for significant additional capacity for investment in the United States,” Pete Graham, executive vice president and chief financial officer for PRA Group, said in the release. “We continue to see significant volumes of nonperforming loans at attractive returns in the U.S. and are prepared with additional capital.”

PRA Group is a debt buyer based in Norfolk, Va.

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