Acquirer and collector of nonperforming loans PRA Group, Inc. (PRAA) recently announced the pricing of its offering of $350 million aggregate principal amount of 5% Senior Notes due 2029.
The offering, which was upsized by $50 million from the previously announced $300 million, is likely to close on September 22, 2021.
The company intends to use the net proceeds from the offering, which will be guaranteed on a senior unsecured basis, to repay about $345.5 million of outstanding revolving borrowings under its North American Credit Agreement. (See PRA Group stock chart on TipRanks)
The stock has a Moderate Buy consensus rating based on 1 Buy. Last month, JMP Securities analyst David Scharf reiterated a Buy on the stock with a price target of $47 (15.3% upside potential).
PRA Group scores a 6 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares of the company have gained 1.2% over the past year.
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