Welcome to our dedicated page for Pra Group news (Ticker: PRAA), a resource for investors and traders seeking the latest updates and insights on Pra Group stock.
PRA Group, Inc. (NASDAQ: PRAA) is a collection agency company that focuses on acquiring and collecting nonperforming loans. The company describes itself as a global leader in this area, returning capital to banks and other creditors and helping expand financial services for consumers in the Americas, Europe and Australia. This news page aggregates company announcements, earnings updates and other disclosures that PRA Group releases to the market.
Investors following PRAA news will see regular quarterly results updates, where the company reports portfolio income, total portfolio revenue, cash collections by region and segment, and metrics such as estimated remaining collections (ERC), cash efficiency ratio and adjusted EBITDA. These earnings releases also discuss portfolio purchases in the Americas, Europe and Australia and provide context on how recent investments in nonperforming loan portfolios are performing.
News for PRA Group also includes capital markets activities, such as the 2025 announcements and related SEC filings about the proposed, priced and completed offering of €300 million of 6.250% senior notes due 2032 by its European subsidiary. These items describe the structure of the notes, related guarantees and the intended use of proceeds to repay borrowings under the company’s revolving credit facilities.
In addition, PRA Group issues news about corporate governance and leadership, including the appointment of a new president and chief executive officer, promotions within its European business and participation in investor conferences and webinars. Together, these updates help investors and analysts track PRA Group’s operational performance, financing decisions and leadership developments over time.
Bookmark this page to access a consolidated view of PRAA press releases and related updates as they are issued and referenced in the company’s SEC filings.
PRA Group announced the pricing of an upsized offering of $150.0 million aggregate principal amount of 8.875% Senior Notes due 2030, increased from the previously announced $100.0 million. The notes are priced at 103.625% of their principal amount and will be issued under the same indenture as the existing $400.0 million notes from May 20, 2024. The notes will be guaranteed by the Company's domestic subsidiaries and the proceeds will be used to repay approximately $150.0 million of outstanding borrowings under its North American revolving credit facility. The offering is expected to close around November 25, 2024.
PRA Group (Nasdaq: PRAA) announced plans to offer $100.0 million in senior notes due 2030, subject to market conditions. These notes will be an additional issuance to their existing 8.875% Senior Notes due 2030, of which $400.0 million was previously issued in May 2020. The notes will be guaranteed by the company's domestic subsidiaries that are borrowers or guarantors under its North American Credit Agreement. The proceeds will be used to repay approximately $100.0 million of outstanding borrowings under their North American revolving credit facility. The offering is to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S.
PRA Group (PRAA), a global leader in nonperforming loan acquisition and collection, has announced its participation in four major investor conferences during November and December 2024. The company will attend the Citizens JMP Securities Financial Services Conference on November 12 in New York, the Furey Research Partners Hidden Gems Conference on November 26 virtually, the Bank of America Leveraged Finance Conference on December 3 in Boca Raton, and the Sidoti Virtual Small-Cap Conference on December 5. The schedule includes one-on-one meetings and presentations, with some events featuring fireside chats and virtual presentations.
PRA Group (PRAA) reported strong Q3 2024 results with net income of $27.2 million, or $0.69 per diluted share, including a $7.7 million tax benefit. The company achieved total portfolio purchases of $350.0 million and total cash collections of $477.1 million, representing a 13.7% year-over-year increase. The company reached a record estimated remaining collections (ERC) of $7.3 billion and maintained a cash efficiency ratio of 60.1%. Portfolio revenue increased 30.5% to $276.7 million compared to Q3 2023. The company is on track to exceed its 2024 targets and has announced new targets for 2025, including portfolio investments exceeding $1.0 billion and cash collections growth of 8-10%.
PRA Group has successfully amended and extended its North American and UK Credit Agreements through October 2029, maintaining a total commitment amount of $2.3 billion. The interest margins remain unchanged at 2.25% for North America and 2.75% for the UK. The company's CFO, Rakesh Sehgal, emphasized that these extensions provide financial flexibility for business transformation and growth, positioning PRA Group to capitalize on the strong portfolio supply environment through cash generation, credit facilities, and capital market access in both the U.S. and Europe.
PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has announced it will report its third quarter 2024 results after market close on Monday, November 4, 2024. This will be followed by a webcast and conference call at 5 p.m. E.T. Investors can listen to the webcast and view slides at https://ir.pragroup.com/events-and-presentations. For those preferring to listen by phone, call 646-357-8785 in the U.S. or 1-800-836-8184 outside the U.S.
A replay of the call will be available on the same website until November 4, 2025, or by phone until November 11, 2024. PRA Group also plans to report its fourth quarter and full year 2024 results after market close on Monday, February 24, 2025.
PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has appointed Adrian Murphy as its global chief data and analytics officer, effective Sept. 16, 2024. Murphy, who will report to CEO Vik Atal and join the senior leadership team, brings nearly three decades of industry experience to the role.
Murphy's expertise includes serving as a partner at McKinsey & Company's Banking and Risk divisions and Oliver Wyman, where he led transformation projects across various sectors. His appointment aims to drive business growth through cutting-edge analytic solutions, optimize operations, enhance customer experience, and increase shareholder value.
PRA Group's Elizabeth Kersey, senior vice president of communications and public policy, has won a Silver Stevie® Award in the 21st Annual International Business Awards®. Kersey was recognized in the Communications, Investor Relations or PR Executive of the Year category. The 2024 IBAs received entries from organizations in 62 nations, with over 3,600 nominations submitted.
Kersey leads PRA Group's global communications, branding, public relations, corporate philanthropy, and government relations efforts. Her work was praised by judges for influencing internal and external communication and leaving a mark on the company's history. PRA Group's CEO, Vik Atal, commended Kersey's enduring commitment and expertise in driving the company forward.
The awards ceremony will be held on October 11, 2024, at the InterContinental Hotel in Istanbul, Türkiye.
PRA Group (Nasdaq: PRAA) reported its Q2 2024 financial results, showing signs of a successful turnaround in its U.S. business. Key highlights include:
- Net income of $21.5 million, or $0.54 per diluted share
- Total portfolio purchases of $379.4 million
- Total cash collections of $473.9 million, up 13% year-over-year
- Estimated remaining collections (ERC) of $6.8 billion
- Cash efficiency ratio of 58.9%
- Adjusted EBITDA for the 12 months ended June 30, 2024 of $1.1 billion
The company saw strong portfolio supply and attractive pricing globally. Cash collections growth was driven by higher recent purchases and operational initiatives, particularly in the U.S. legal collections channel. PRA Group remains focused on sustaining profitability and positioning for future growth.
PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, celebrates 10 years since acquiring Aktiv Kapital AS, marking the start of significant global expansion. The milestone was commemorated with celebrations across Europe and North America, highlighting the company's evolution into a global enterprise.
Key points:
- The acquisition in 2014 expanded PRA Group's operations to Austria, Canada, Finland, Germany, Norway, Spain, Sweden, Switzerland, and the U.K.
- Over one-third of colleagues who joined through the acquisition remain with the company, demonstrating a strong unified culture.
- PRA Group has continued expanding, now operating in 18 countries with over 3,000 employees.
- The geographic diversity has provided balance for the cyclical business and created opportunities for innovation and career growth.