PRA Group, Inc. announced the pricing on January 23, 2023 of its offering of $400.0 million aggregate principal amount of 8.375% Senior Notes due 2028, which was upsized by $50.0 million from the previously announced $350.0 million, in a private transaction that is exempt from the registration requirements of the Securities Act of 1933, as amended. The offering of the notes is expected to close on or about February 6, 2023, subject to the satisfaction of customary closing conditions. The notes will be guaranteed on a senior unsecured basis by each of PRA Group's existing and future domestic subsidiaries that is a borrower or guarantor under PRA Group's North American Credit Agreement.

PRA Group will deposit $345.0 million of the net proceeds from the offering into a segregated account and use such proceeds to retire all or any portion of its 3.50% convertible senior notes due 2023 (the "2023 convertible notes") or to satisfy any other obligations with respect to the 2023 convertible notes. Upon any retirement of the 2023 convertible notes by other means and subject to certain conditions, PRA Group may use such deposited amounts for other purposes not prohibited by the indenture governing the notes. PRA Group will use the remainder of the net proceeds to repay approximately $51.0 million aggregate principal amount of outstanding revolving borrowings under its North American Credit Agreement (but such prepayment will not reduce the revolving borrowing commitment amount, and the prepaid amount will be available for re-borrowing subject to customary conditions).

The notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain persons outside of the United States pursuant to Regulation S under the Securities Act.