Pra Group Inc Stock Price, News & Analysis

PRA Group, Inc. (Nasdaq: PRAA) has priced its upsized offering of $350 million 5.00% Senior Notes due 2029, increased from $300 million. The offering is to close around September 22, 2021, pending customary conditions. The notes will be guaranteed by PRA Group's domestic subsidiaries. Net proceeds will be used to repay approximately $345.5 million of revolving borrowings under its Credit Agreement, maintaining borrowing capacity. This private offering is exempt from registration under the Securities Act.

PRA Group, Inc. (Nasdaq: PRAA) announced a proposed offering of $300 million in senior notes due 2029, subject to market conditions. The notes will be guaranteed by existing and future domestic subsidiaries. The company plans to use proceeds to repay approximately $296 million of revolving credit under its North American Credit Agreement, without affecting the overall borrowing capacity. This offering is aimed at qualified institutional buyers and will not be registered under the Securities Act.

PRA Group, Inc. (PRAA) reported Q2 2021 net income of $56 million, a slight decrease from $57.9 million in Q2 2020. Diluted EPS was $1.22, down from $1.26. However, net income for the first half of 2021 reached $114.4 million, up from $77 million YoY. Total cash collections increased 7% to $543.8 million, while revenues rose 5% to $285.6 million. Debt to Adjusted EBITDA improved to 1.69x. The company announced a $150 million share repurchase program, highlighting strong performance and portfolio purchases of $219.7 million, a 38% increase from Q1.

PRA Group, Inc. (NASDAQ: PRAA) announced on August 2, 2021, that it amended and extended its North American Credit Agreement, effective July 30, 2021. Key changes include increased limits on stock repurchases and convertible notes, reduced interest rates for various loans, and an extended maturity date to July 30, 2026. These amendments improve financial flexibility and decrease overall costs. CFO Pete Graham noted the favorable market conditions enabling these adjustments, which aim to diversify the maturity profile and strengthen PRA's financial position.

PRA Group, Inc. (Nasdaq: PRAA) has authorized a new share repurchase program allowing the purchase of up to $150 million in outstanding common stock. The company believes this initiative will enhance shareholder value while maintaining its capital position. This program is open-ended, with repurchases subject to market conditions and regulatory requirements. PRA Group aims to balance this initiative with ongoing investments and capital allocation strategies to ensure continued growth.

PRA Group, Inc. (Nasdaq: PRAA), a leader in acquiring nonperforming loans, will report its second quarter 2021 financial results after market close on August 5, 2021. This will be followed by a webcast and conference call at 5 p.m. E.T. Investors can access the webcast via their official website. The company also plans to announce its third quarter results on November 8, 2021. As part of its operations, PRA Group collaborates globally to help resolve consumer debt and enhance financial services.

PRA Group, Inc. (Nasdaq: PRAA) announced the appointment of Peggy Turner to its Board of Directors effective June 10, 2021. Turner, currently Vice President at Toyota Motors North America, will serve on the Risk Committee and Nominating and Corporate Governance Committee. With extensive experience in customer service and a strong focus on diversity, equity, and inclusion, her leadership is expected to enhance PRA's commitment to customer empathy and DEI initiatives. The company also published its first ESG Tear Sheet for 2020, furthering transparency in its governance practices.

PRA Group, a leader in acquiring and collecting nonperforming loans, will present at the William Blair 41st Annual Growth Stock Conference on June 2, 2021, at 2:20 PM ET. Investors can access a live webcast of the event at PRA Group's Investor Relations website. The company operates globally, returning capital to banks and creditors, and helping consumers resolve debts. For more details, visit www.pragroup.com.

PRA Group (Nasdaq: PRAA) has announced the opening of a new office and call center in Brisbane, Australia, aimed at enhancing its operations in a changing regulatory market. The facility is expected to employ approximately 45 employees and reach full capacity in the coming years. The company's expansion reflects its commitment to providing professional and respectful service in the evolving Australian market, aligning with its long-term business philosophy.