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Bank of America Agents $1.2B Credit Facility for PRA Group

May 09, 2017, 07:24 AM
Filed Under: Lender Finance

PRA Group, Inc., a global firm involved in acquiring and collecting nonperforming loans, announced that on May 5, 2017 it amended and restated its North American credit facility. The expanded facility has a five-year term and total facility size of $1.2 billion consisting of a $450 million term loan facility and a $755 million revolving loan facility. This agreement includes significant increases in commitments by existing lenders as well as the addition of several new lenders to the facility.

Bank of America, N.A., served as administrative agent, Capital One, N.A., Fifth Third Bank and SunTrust Bank, as co-syndication agents, and DNB Capital, ING Capital, MUFG Union Bank, N.A. and Regions Bank served as co-senior managing agents. Subject to certain terms and conditions, the company may increase the original principal amount of the commitments under the credit Agreement by an additional $45,000,000. The credit agreement also permits the issuance of letters of credit and swingline loans.

"Our bank group has been very supportive through the entire process.  We are appreciative of the significant commitments from our long-time banking partners and extremely pleased to welcome new members to the bank group.  We are focused on having adequate capital for investment during a time when the supply of charge-offs appears to be increasing in the United States.  This new five-year facility addresses current year maturities and gives us $420 million of capacity for investment," said Pete Graham, executive vice president and chief financial officer for PRA Group.

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