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Bank of America Agents PRA ’s Credit Facility Increase to $633MM

August 22, 2013, 08:00 AM
Filed Under: Specialty Industries
Related: Bank of America

Portfolio Recovery Associates, Inc., a financial and business services company operating in the U.S. and U.K, announced it had modified its Credit Agreement of December 19, 2012, as amended, by increasing its lenders' domestic revolving credit commitments by $35.5 million, increasing its aggregate credit facility from $597.5 million to $633 million.

Three Virginia-based banks – Bank of Hampton Roads, Heritage Bank and Union First Market – were added as new lenders, while three other banks in the facility adjusted their credit commitments. After the $35.5 million increase in the amount of revolving credit availability pursuant to the modifications announced today, the total credit facility under the Credit Agreement now includes an aggregate principal amount available of $633 million, which consists of (i) a fully-funded $197.5 million term loan, (ii) a $415.5 million domestic revolving credit facility, of which $415.5 million is available to be drawn, and (iii) a $20 million multi-currency revolving credit facility, of which $20 million is available to be drawn, all of which mature on December 19, 2017.

"Our expanded credit facility coupled with our recently completed $287.5 million convertible debt offering puts PRA in a strong position to accomplish its growth objectives," said Kevin Stevenson, executive vice president, chief financial and administrative officer, treasurer and assistant secretary, PRA.

View the SEC filing here.

As a leader in the U.S. debt buying industry, PRA returns capital to banks and other creditors that helps expand financial services for consumers. PRA collaborates with its customers to create affordable, realistic debt repayment plans. The company also provides a broad range of fee-based services to local governments and law enforcement, U.S. businesses, institutional investors, global hedge funds, and U.K. banks and creditors.

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