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, Inc. (NASDAQ: PRAA) announced the appointment of Vikram Atal as the new president and CEO, effective immediately, following the departure of Kevin Stevenson. Mr. Atal, a board member since 2015, has a 27-year career at Citigroup, leading significant financial operations globally. Under his leadership, PRA Group aims to enhance operational performance, expand into new markets, and capitalize on growth in the receivables pipeline. The company reported a purchase of $850 million in loan portfolios and cash collections of $1.7 billion in 2022, highlighting its growth trajectory and solid market position.
PRA Group, Inc. (NASDAQ: PRAA), a leader in managing nonperforming loans, announced a settlement with the U.S. Consumer Financial Protection Bureau (CFPB) on March 23, 2023. Under this agreement, PRA will pay a $12 million penalty and approximately $15 million to affected consumers, impacting less than 0.1% of active accounts. Most of the financial implications were already recognized in the December 31, 2022 financial statements. PRA's leadership emphasizes their commitment to compliance and consumer service, expressing satisfaction in resolving this matter to focus on their core mission of aiding consumer financial recovery.
PRA Group, Inc. (Nasdaq: PRAA) reported Q4 2022 financial results, highlighting total portfolio purchases of $288.1 million and cash collections of $391.7 million, a 17.3% decrease from Q4 2021. The estimated remaining collections stand at $5.7 billion. For the full year, the company recorded a total portfolio revenue of $941.2 million, down from $1.1 billion in 2021, with diluted EPS at $2.94. Despite these challenges, PRAA's European operations achieved record cash collections. The company also had significant share repurchases totaling $99.4 million. Looking ahead, PRAA anticipates increased portfolio supply driven by rising U.S. card balances and delinquency rates.
PRA Group, Inc. (NASDAQ: PRAA) will report its fourth quarter and full year 2022 financial results after market close on February 27, 2023. A webcast and conference call will follow at 5 p.m. E.T. Investors can access the call by calling 844-835-9982 in the U.S. or 412-317-5267 internationally. A replay will be available until March 6, 2023. The company plans to report its first quarter 2023 results after market close on May 8, 2023. PRA Group is a global leader in acquiring and collecting nonperforming loans, servicing clients in the Americas, Europe, and Australia.
PRA Group, Inc. (PRAA) announced the pricing of an upsized offering of $400 million aggregate principal amount of 8.375% Senior Notes due 2028. The offering, initially set at $350 million, was increased by $50 million. The notes are set to close on February 6, 2023, pending customary closing conditions. Proceeds from the offering will primarily be used to retire $345 million of existing 3.50% convertible senior notes due 2023 and to repay $51 million in outstanding revolving borrowings. The notes will be guaranteed by existing and future subsidiaries of PRA Group.
PRA Group, Inc. (NASDAQ: PRAA) announced on January 23, 2023, its intention to offer $350 million in senior notes due 2028 in a private transaction, exempt from SEC registration. The notes will be unsecured and guaranteed by existing and future domestic subsidiaries related to PRAA's North American Credit Agreement. Net proceeds will be used to retire 3.50% convertible senior notes due 2023 or meet related obligations. This private offering is limited to qualified institutional buyers and select non-U.S. persons. The announcement includes standard disclaimers about forward-looking statements and associated risks.
PRA Group, Inc. (Nasdaq: PRAA) has successfully completed the refinancing of its $750 million European revolving credit facility as of November 23, 2022. The refinancing includes a €730 million revolving credit facility and an uncommitted accordion feature allowing for an additional €500 million, subject to specific terms. Executive Vice President and CFO Pete Graham stated this move enhances the company's balance sheet and capital position, enabling further investment in European markets with anticipated portfolio supply growth.
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PRA Group, Inc. (Nasdaq: PRAA) reported Q3 2022 financial results, highlighting total portfolio purchases of $183.1 million and cash collections of $412.3 million. Diluted earnings per share were $0.63, down from $0.76 in Q3 2021. Total cash collections decreased by 15.6% year-over-year, largely due to a 29.3% decline in U.S. collections. Operating expenses were reduced by 6.5%, indicating improved cost management. The company repurchased $25.0 million, with $67.7 million remaining under the program. Estimated remaining collections stand at $5.3 billion.
PRA Group, Inc. (Nasdaq: PRAA), a leader in acquiring nonperforming loans, will announce its third quarter 2022 results post-market on November 3, 2022. A conference call will follow at 5 p.m. E.T. for investors and analysts. Additionally, the firm plans to report its fourth quarter and full-year results on February 27, 2023. For more details, stakeholders can access the webcast at PRA Group Events.