Portfolio Recovery Associates Announces Filing of Registration Statement For IPO of Its Common Stock

Portfolio Recovery Associates today announced that it has filed a registration statement with the Securities and Exchange Commission relating to the initial public offering of shares of its common stock. The offering is being lead-managed by William Blair & Company, and U.S. Bancorp Piper Jaffray is acting as co-manager.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

When available, a copy of the preliminary prospectus relating to the offering may be obtained from William Blair & Company at (800) 621-0687 or U.S. Bancorp Piper Jaffray at (800) 333-6000.

Portfolio Recovery Associates is a full-service provider of outsourced receivables management. Portfolio Recovery Associates purchases, collects and manages portfolios of defaulted consumer receivables. Defaulted consumer receivables are the unpaid obligations of individuals to credit originators, including banks, credit unions, consumer and auto finance companies, retail merchants and other service providers. The defaulted consumer receivables Portfolio Recovery Associates collects are either purchased from the credit originator or are collected on behalf of clients on a commission basis.