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Portfolio Recovery Associates Expands Credit Agreement
September 9, 2008
Portfolio Recovery adds a bank to its credit facility and expands its credit line by $25,000,000.
Debt buyer and collector Portfolio Recovery Associates said in an SEC filing Monday that it has increased its line of credit and added JP Morgan Chase as a lender on its credit agreement.
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The Norfolk, Va.-based accounts receivable management firm said that its credit line has been expanded to $365,000,000 from $340,000,000.
Portfolio Recovery (Nasdaq: PRAA) noted that JP Morgan was joining Bank of America, RBC Centura Bank, SunTrust, and Wachovia as a lender on the credit facility.
The company entered the new credit agreement on Sept. 3.
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