PRA Group Prices $400M Senior Notes at 8.5% Due 2033
PRAA sits 90% above its 52-week low of $10.25.
Summary
PRA Group priced its $400 million senior notes offering at 8.500% due 2033. The company previously disclosed plans for this offering on September 29, intending to use proceeds plus cash to repay about $400 million of its existing debt. The pricing terms are now set, providing clarity on the cost of this refinancing. The 8.5% coupon is a key detail for assessing interest expense impact. This follows the company's strong Q2 results and a new $150 million buyback authorization.
At the time of this announcement, PRAA was trading at $19.44 on NASDAQ in the Finance sector, with a market capitalization of approximately $731.9M. The 52-week trading range was $10.25 to $22.55. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.