Key Highlights

● PRA Group filed two Forms 8-K on September 29, 2026 covering the launch and pricing of one debt offering.

● The company priced $400.0 million of 8.500% senior notes due 2033, with closing expected on or about October 2, 2026.

● Domestic subsidiaries that are borrowers or guarantors under the North American credit agreement will guarantee the notes.

● Net proceeds and available cash are intended to repay approximately $400.0 million of North American revolving credit facility borrowings.

PRA Group, Inc. (NASDAQ:PRAA) filed two Forms 8-K on September 29, 2026 that together trace a single debt offering from launch to pricing. The first announced a proposed private offering of $400.0 million of senior notes due 2033. The second reported that the company had priced $400.0 million of 8.500% senior notes due 2033, with closing expected on or about October 2, 2026.

The Launch Filing

The first 8-K, filed early on September 29, 2026 under Items 8.01 and 9.01, is short. Its body says the company announced its intent to offer $400.0 million aggregate principal amount of senior notes due 2033 in a private transaction that is exempt from Securities Act registration requirements. The only exhibit is a press release dated September 29, 2026. Rakesh Sehgal, Executive Vice President and Chief Financial Officer, signed it. The filing does not give a coupon or a price.

The Pricing Release

The second 8-K attaches a press release headlined "PRA Group Announces Pricing of Offering of $400.0 Million of 8.500% Senior Notes due 2033." The release says the offering priced on September 29, 2026 and that the notes carry an 8.500 percent coupon. It says the notes will be guaranteed on a senior unsecured basis by the company's existing and future domestic subsidiaries that are borrowers or guarantors under its North American credit agreement.

The notes were offered only to qualified institutional buyers under Rule 144A of the Securities Act and to certain non-U.S. persons under Regulation S. Because they are not registered, they cannot be offered or sold in the United States without registration or an applicable exemption. The release does not state an issue price, and the coupon and amount are the main pricing terms it gives.

The pricing release says the company intends to use the net proceeds, together with available cash, to repay approximately $400.0 million of outstanding borrowings under its North American revolving credit facility. In other words, the announced use is repaying existing revolver borrowings. The release does not say how much of the $400.0 million would come from note proceeds and how much from cash on hand, and it does not state whether the revolving commitments would be reduced when the borrowings are repaid.

PRA Group describes itself in the release as a global industry leader with more than 30 years of experience in acquiring and collecting nonperforming loans, and it is headquartered in Norfolk, Virginia. Najim Mostamand, Vice President of Investor Relations, is named as the contact.

What the Filings Do Not Say

Neither filing gives the issue price, the interest payment dates, the exact maturity date within 2033, the redemption terms or the covenants, and neither attaches the indenture. Those details would normally appear in the offering memorandum, which is not part of the public filing, or in an indenture filed with a later report once the notes are issued. The filings also do not explain the company's reasons for choosing this timing beyond the stated use of proceeds.

October 2 Closing and the Revolver Repayment

The closing is expected on or about October 2, 2026, and it is subject to customary closing conditions. The announced use of proceeds is repayment of approximately $400.0 million of borrowings under the North American revolving credit facility.