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PRA Group modifies accordion feature under credit agreement

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PRA Group modifies accordion feature under credit agreement

PRA Groupon March 24 amended its credit agreement to extend the maturity date of loansand commitments in an aggregate principal amount of approximately $745.9million, including a $23.0 million net increase in the commitments of theextending lenders, to the earlier of Dec. 21, 2020, or 91 days prior to thematurity of the company's convertible notes due Aug. 1, 2020.

Additionally, the amendment modifies the accordion featureto allow PRA Group to request from new and existing lenders up to an additional$125 million in loans and commitments, according to a Form 8-K filed March 30.

The amendment also increases the credit given in thedomestic borrowing base for estimated remaining collections of eligible assetpools; increases the baskets available for permitted investments, equityrepurchases and redemptions of the company's convertible notes; and increasesthe maximum total leverage ratio of the company and its subsidiaries to 2.25 to1.0.

PRA Group entered into the amendment with Bank of America NAas administrative agent, swing line lender, and letter of credit issuer; Bankof America NA, acting through its Canada branch, as Canadian administrativeagent; and certain other agents and arrangers.