PRA Group, Inc. (Nasdaq: PRAA) announced the pricing of $400.0 million in aggregate principal of 8.500% senior notes due 2033, in a private offering exempt from Securities Act registration requirements.

The offering, priced Sept. 29, 2026, is expected to close on or about Oct. 2, 2026, subject to customary closing conditions. The notes will be guaranteed on a senior unsecured basis by the company's existing and future domestic subsidiaries that are borrowers or guarantors under its North American Credit Agreement.

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

The notes were offered only to qualified institutional buyers under Rule 144A of the Securities Act and to certain persons outside the United States under Regulation S. The notes have not been registered under the Securities Act or any state securities laws.

PRA Group, headquartered in Norfolk, Virginia, specializes in acquiring and collecting nonperforming loans, with operations in the U.S., Europe, and other markets.