05:00 PM EDT, 05/15/2024 (MT Newswires) -- PRA Group ( PRAA ) late Wednesday said it priced a $400 million private placement of 8.875% senior notes due 2030.

The company expects to use the net proceeds to repay the $396 million it owes under its North American revolving credit facility.

PRA Group ( PRAA ) also expects to use borrowings from its North American Revolver later this year to redeem the $298.0 million in face value of its 7.375% senior notes maturing in 2025.