0001185348-26-000017
SEC filingPRA Group, Inc.'s wholly-owned subsidiary amended and extended its €730 million European revolving credit facility to April 30, 2031, with reduced ERC ratio covenant and added joint venture investment capacity.
PRA Group, Inc. strengthened its capital structure through the Second A&R European Credit Agreement entered by its wholly-owned subsidiary PRA Group Europe Holding on April 30, 2026. This amendment extends the €730 million revolving credit facility's maturity by over three years to April 30, 2031, well ahead of the prior November 2027 date, reducing refinancing risk and staggering debt maturities with no obligations until 2028. The facility commitment and pricing remain unchanged, preserving access to existing liquidity. Key modifications include a tighter maximum ERC ratio covenant from 45.0% to 40.0%, signaling stricter financial discipline, and new flexibility for up to €100 million in joint venture investments or loans under certain conditions, supporting strategic growth. CFO Rakesh Sehgal highlighted this as part of the PRA 3.0 strategy to proactively manage funding, maintaining a strong profile. Lenders DNB Bank ASA and EU Lenders continue ordinary course dealings with the Company. The full agreement will be in the Q2 2026 10-Q. This enhances investor confidence in liquidity and long-term stability.