PRA Group, Inc. (Nasdaq: PRAA) announced a proposed offering of $400.0 million in aggregate principal amount of senior notes due 2033, according to a company press release dated Sept. 29, 2026.

The notes will be offered in a private transaction exempt from the registration requirements of the Securities Act of 1933, available only to qualified institutional buyers under Rule 144A and to certain persons outside the United States under Regulation S.

The notes will be guaranteed on a senior unsecured basis by each of the company's existing and future domestic subsidiaries that is a borrower or guarantor under its North American Credit Agreement.

PRA Group said it intends to use the net proceeds from the offering, along with available cash, to repay approximately $400.0 million of outstanding borrowings under its North American revolving credit facility.

The offer and sale of the notes have not been and will not be registered under the Securities Act or any state securities laws. PRA Group is headquartered in Norfolk, Virginia, and operates in the U.S., Europe, and other markets.