PRA Group Prices $400M Senior Notes Offering at 8.5%
PRA Group announced the pricing of $400 million in 8.500% senior notes due 2033, marking a significant debt capital markets move for the debt buyer.
PRA Group, Inc., a Norfolk, Virginia-based global acquirer and collector of nonperforming loans listed on Nasdaq under the ticker PRAA, announced on September 29, 2026 the pricing of a $400.0 million senior notes offering carrying an 8.500% coupon rate and maturing in 2033.
The transaction represents a notable fixed-income issuance for the company, which operates in the specialized market of purchasing distressed consumer debt portfolios from banks, credit unions, and other financial institutions at a discount and then working to recover balances owed.
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Senior notes of this type are unsecured obligations that rank above subordinated debt in a company's capital structure, giving investors a degree of priority in the event of a restructuring. The 8.500% yield reflects broader market conditions for high-yield corporate debt, as companies in capital-intensive sectors like nonperforming loan acquisition typically rely on bond markets to fund portfolio purchases.
The offering comes as debt collection firms continue to navigate a lending environment that has produced elevated volumes of delinquent consumer accounts, a dynamic that has historically expanded the supply of available loan portfolios for purchasers such as PRA Group. The 2033 maturity gives the company roughly seven years of runway before principal repayment is due.
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