[8-K] PRA GROUP INC Reports Material Event

Rhea-AI Filing Summary

PRA Group, Inc. disclosed that on September 24, 2025 its wholly owned subsidiary, PRA Group Europe Holding II S.à r.l., priced a private offering of €300 million aggregate principal amount of 6.250% senior notes due 2032. The transaction was completed in a private placement exempt from registration under the Securities Act of 1933. The company filed a press release announcing the offering as Exhibit 99.1 to this Form 8-K and incorporated that release by reference into Item 8.01; Item 9.01 references financial statements and exhibits. The filing provides the basic financing terms but does not disclose use of proceeds, pricing parties, covenant details, or expected impacts on the company’s leverage.

Positive

• €300 million raised through long-term senior notes provides multi-year liquidity
• Fixed 6.250% coupon gives predictable interest expense for planning
• Private placement structure allows faster execution and limited public disclosure

Negative

• Issuance increases contractual interest expense at 6.250% through 2032
• Filing does not disclose use of proceeds, leaving material impact on leverage unclear
• No covenant, ranking, or redemption details provided to assess creditor protections

Insights

Capital Markets Analyst

Private €300M bond sale secures long-term financing at fixed 6.250% coupon.

The subsidiary issued €300 million of senior notes due 2032 carrying a 6.250% coupon in a private placement exempt from registration. This provides PRA Group with locked-in, multi-year funding at a known cost, which can support refinancing needs or fund operations in Europe without immediate public market exposure.

Because the release does not state the intended use of proceeds or underwriting terms, investors should note the filing supplies only the headline financing terms.

Credit Analyst

Fixed-rate debt raises interest-cost and potential leverage considerations through 2032.

Issuing €300M of senior unsecured notes at 6.250% increases contractual interest obligations that will recur until maturity or earlier redemption. This could raise gross interest expense and affect leverage ratios depending on how proceeds are deployed.

The filing lacks details on covenant language, ranking, or call features, so the immediate credit impact cannot be fully assessed from the disclosed text.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): September 24, 2025

PRA Group, Inc.

_________________________________________

(Exact name of registrant as specified in its charter)

Delaware

000-50058

75-3078675

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

120 Corporate Boulevard

Norfolk,

Virginia

23502

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (888) 772-7326

Not Applicable

______________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.01 par value per share			PRAA			NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 8.01    Other Events.

On September 24, 2025, PRA Group, Inc. issued a press release announcing that its wholly-owned subsidiary, PRA Group Europe Holding II S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg, priced an offering of €300 million aggregate principal amount of 6.250% senior notes due 2032 in a private transaction that is exempt from the registration requirements of the Securities Act of 1933, as amended. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in this Item 8.01 by reference.

Item 9.01 Financial Statements and Exhibits.

(d)			Exhibits
			99.1			Press release dated September 24, 2025
			104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			PRA Group, Inc.
Date: September 24, 2025			By:			/s/ Rakesh Sehgal
						Rakesh Sehgal
						Executive Vice President and Chief Financial Officer

FAQ

What did PRA Group (PRAA) announce in this 8-K?

PRA Group announced its subsidiary priced a private offering of €300 million of 6.250% senior notes due 2032, disclosed in a press release filed as Exhibit 99.1.

When was the offering priced?

The press release states the offering was priced on September 24, 2025.

Is this a public offering registered with the SEC?

No. The notes were sold in a private transaction that is exempt from registration under the Securities Act of 1933.

What are the key terms of the notes disclosed?

The filing discloses €300 million aggregate principal, a 6.250% coupon, and a maturity in 2032.

Does the 8-K say how PRA Group will use the proceeds?

No. The filing does not disclose the use of proceeds or allocation of funds.

Where can I find the company’s press release about the offering?

The press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference.