Pra Group Inc - PRAA STOCK NEWS

PRA Group, Inc. (Nasdaq: PRAA) reported a significant financial performance for Q3 2020, with net income rising to $42.5 million from $25.0 million in Q3 2019. Diluted earnings per share increased to $0.92, up 67%. Global cash collections reached a record $519.3 million, marking a 15% increase compared to the previous year. Operating expenses decreased by $2.0 million year-over-year. Total portfolio purchases in the quarter were $177.6 million, with an estimated remaining collections (ERC) of $6.3 billion. The company expects rising charge-off rates due to current economic conditions.

PRA Group (Nasdaq: PRAA) will announce its third quarter 2020 results on November 5, 2020, after market close. A webcast and conference call will follow at 5 p.m. E.T.. Investors can access the conference by calling 844-835-9982 in the U.S. or 412-317-5267 internationally. Additionally, PRA Group plans to report its fourth quarter results on February 25, 2021. The company specializes in acquiring and collecting nonperforming loans, supporting financial services expansion.

PRA Group, Inc. (Nasdaq: PRAA) has announced a $210,000 donation to support financial literacy initiatives at West Virginia University (WVU). This partnership aims to fund two seminars focusing on financial literacy for community leaders and educators, positively impacting over 3,500 students. Since 2009, PRA Group has contributed over $7.8 million to similar causes. The partnership aligns with PRA Group's commitment to enhancing financial education, particularly in light of challenges posed by the COVID-19 pandemic.

PRA Group, Inc. (Nasdaq: PRAA) announced the extension and amendment of its North American credit facility on August 26, 2020. Key changes include an additional term loan of $55 million, raising the total term loan to $475 million, and a reduction in domestic revolving credit from $1.068 billion to $1 billion. The Canadian revolving credit facility increased from $50 million to $75 million. The extension moves the maturity date to May 5, 2024, while also adjusting various financial covenants. The CFO expressed optimism about funding for future investment opportunities.

PRA Group, Inc. (Nasdaq: PRAA) has priced $300 million of 7.375% Senior Notes due 2025. The offering, which is set to close around August 27, 2020, is exempt from Securities Act registration requirements. The proceeds will primarily be used to repay $295 million of existing revolving borrowings. The notes will be guaranteed by PRA Group's domestic subsidiaries involved in its North American Credit Agreement. This transaction aims to optimize PRA Group's debt structure while maintaining funding flexibility.

PRA Group, Inc. (Nasdaq: PRAA) has announced plans to offer $300 million in senior notes due 2025 in a private transaction. The offering, exempt from the registration requirements of the Securities Act, will be guaranteed by existing and future subsidiaries. Proceeds from the notes will primarily be used to repay $295 million of outstanding revolving borrowings under its North American Credit Agreement. This transaction aims to optimize the company’s financial structure and is directed at qualified institutional buyers.

PRA Group, Inc. (Nasdaq: PRAA) reported robust Q2 2020 results, with net income surging to $57.9 million, up 211% from Q2 2019. Diluted earnings per share reached $1.26, a 207% increase year-over-year. Global cash collections hit a record $509.9 million, reflecting an 8% increase compared to Q2 2019. Total revenues also achieved a record of $271.9 million. Despite a decrease in investment levels affecting Americas Insolvency collections, the overall performance demonstrates strong cash collection trends, particularly in the U.S.

PRA Group, Inc. (Nasdaq: PRAA), a leader in acquiring nonperforming loans, will announce its second quarter 2020 results on August 6, 2020, after market close. A webcast and conference call will follow at 5 p.m. E.T.. Investors can listen to the call by calling 844-835-9982 in the U.S. or 412-317-5267 internationally. The company also plans to report its third quarter results on November 5, 2020. For more details, visit their investor relations page.

PRA Group (Nasdaq: PRAA) announced the appointment of Brett Paschke to its Board of Directors effective July 1, 2020. Paschke, a partner and managing director at William Blair & Company, will serve on the Audit and Compliance Committees. He has extensive experience in capital markets, having led the Equity Capital Markets Group since 2009. His expertise in nonperforming loans and public company strategies is expected to enhance PRA's strategic direction. Paschke holds a BA from Princeton University and an MBA from Harvard Business School.