Portfolio Recovery Associates Increases Bank Credit Line to $340 Million

Norfolk, Va.-based debt buyer Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), announced Monday that it has expanded its bank credit line to $340 million.

PRA had previously mentioned the credit facility expansion on its quarterly conference call in late April ("Portfolio Recovery Posts Lower Earnings, Higher Revenue in Q1," April 29).

The closing of the expanded credit facility represents an increase of $70 million from the company's existing $270 million bank line. The expanded line has borrowing terms consistent with the existing facility and includes a refreshed three-year expiration. PRA mentioned in the conference call that it would be adding an additional lender to the facility, but did not note a new lender in Monday's press release.