PRA Group Inc. Enters Material Definitive Agreement
Ticker: PRAA · Form: 8-K · Filed: Nov 25, 2024 · CIK: 1185348
| Field | Detail |
|---|---|
| Company | Pra Group Inc (PRAA) |
| Form Type | 8-K |
| Filed Date | Nov 25, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.01, $150.0 million, $400.0 million, $154.3 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: PRAA
TL;DR
PRA Group just signed a big deal, creating new financial obligations. Details TBD.
AI Summary
On November 25, 2024, PRA Group, Inc. entered into a material definitive agreement, creating a direct financial obligation. The filing indicates the creation of a financial obligation under an off-balance sheet arrangement. Specific details regarding the agreement, the nature of the obligation, and any associated dollar amounts or parties involved are not provided in this excerpt.
Why It Matters
This filing signals a significant financial commitment or arrangement for PRA Group, Inc., which could impact its balance sheet and future financial obligations.
Risk Assessment
Risk Level: medium — The creation of a material definitive agreement and financial obligation suggests potential new risks or opportunities that are not yet fully detailed.
Key Players & Entities
- PRA Group, Inc. (company) — Registrant
- November 25, 2024 (date) — Date of Report
- Delaware (jurisdiction) — State of Incorporation
- 75-3078675 (identifier) — I.R.S. Employer Identification No.
- 120 Corporate Boulevard, Norfolk, Virginia 23502 (address) — Principal Executive Offices
FAQ
What is the nature of the material definitive agreement entered into by PRA Group, Inc. on November 25, 2024?
The filing states that PRA Group, Inc. entered into a material definitive agreement, but the specific details of this agreement are not provided in the excerpt.
What type of financial obligation has PRA Group, Inc. created?
PRA Group, Inc. has created a direct financial obligation and an obligation under an off-balance sheet arrangement.
What is the date of this 8-K filing?
The date of this 8-K filing is November 25, 2024.
Where are PRA Group, Inc.'s principal executive offices located?
PRA Group, Inc.'s principal executive offices are located at 120 Corporate Boulevard, Norfolk, Virginia 23502.
What is the SEC file number for PRA Group, Inc.?
The SEC file number for PRA Group, Inc. is 000-50058.
Filing Stats: 1,801 words · 7 min read · ~6 pages · Grade level 14.5 · Accepted 2024-11-25 16:05:32
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share PRAA NASDAQ Glo
- $150.0 million — ed its previously announced offering of $150.0 million aggregate principal amount of 8.875% Se
- $400.0 million — to which the Company previously issued $400.0 million in aggregate principal amount of 8.875%
- $154.3 million — Additional Notes to repay approximately $154.3 million aggregate principal amount of outstandi
Filing Documents
- d912656d8k.htm (8-K) — 38KB
- 0001193125-24-265156.txt ( ) — 158KB
- praa-20241125.xsd (EX-101.SCH) — 3KB
- praa-20241125_lab.xml (EX-101.LAB) — 17KB
- praa-20241125_pre.xml (EX-101.PRE) — 11KB
- d912656d8k_htm.xml (XML) — 3KB
Use of Proceeds
Use of Proceeds The Company intends to use the net proceeds from the Additional Notes to repay approximately $154.3 million aggregate principal amount of outstanding borrowings under its North American revolving credit facility (the "North American Revolver") of its North American Credit Agreement. Such prepayment will not reduce the revolving borrowing commitment amount, and the prepaid amount will be available for re-borrowing subject to customary conditions. Certain Relationships Some of the initial purchasers, the Trustee and/or their respective affiliates have provided and may, from time to time, continue to provide certain commercial banking, financial advisory, investment banking and other services to the Company, for which they have received and may continue to receive customary fees and reimbursements of expenses. Certain of the initial purchasers and/or certain of their affiliates are lenders under the North American Revolver and, therefore, may receive a portion of the proceeds from this offering. An affiliate of Regions Securities LLC, an initial purchaser, serves as trustee under the indentures governing the Company's existing notes and will serve as trustee under the notes and will receive customary fees in connection therewith. The foregoing description of the Indenture is qualified in its entirety by reference to the Indenture, which was filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on May 20, 2024 and is incorporated herein by reference. This Current Report on Form 8-K is neither an offer to sell nor a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Item2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by referenc
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 4.1 Indenture (including form of note), dated as of May 20, 2024, among PRA Group, Inc., the domestic subsidiaries of PRA Group, Inc. party thereto and Regions Bank, as trustee (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed May 20, 2024). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRA GROUP, INC. Date: November 25, 2024 By: /s/ Rakesh Sehgal Rakesh Sehgal Executive Vice President and Chief Financial Officer