Portfolio Recovery Associates, Inc. Files Registration Statement for Public Offering of 1,700,000 Shares of Common Stock

NORFOLK, VA – Portfolio Recovery Associates, Inc. (NasdaqNM: PRAA) today announced that it has filed a registration statement with the Securities and Exchange Commission with respect to a proposed public offering of 1,700,000 shares of its common stock. All of the shares will be offered by certain non-management, non-employee selling stockholders, and none of the shares will be offered by the Company. All expenses related to the offering will be borne by the selling stockholders. In addition, the underwriters will have a 30-day option to purchase up to 255,000 additional shares of common stock from the selling stockholders solely to cover over-allotments, if any.

The offering is being lead-managed by William Blair & Company. Piper Jaffray & Co. and America’s Growth Capital are acting as co-managers.

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 offering prospectus may be obtained from William Blair & Company at (800) 621-0687, Piper Jaffray & Co. at (800) 333-6000, or America’s Growth Capital at (617) 261-4145.

About Portfolio Recovery Associates, Inc.
Portfolio Recovery Associates is a full-service provider of outsourced receivables management and related services. Portfolio Recovery Associates purchases, collects and manages portfolios of defaulted consumer receivables and provides collateral location services for credit originators. 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 providers of goods and services. The defaulted consumer receivables Portfolio Recovery Associates collects are generally either purchased from the sellers of defaulted consumer debt or are collected on behalf of debt owners on a contingent fee basis.

Statements herein which are not historical, including Portfolio Recovery Associates’ or management’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include references to Portfolio Recovery Associates’ presentations and web cast. The forward-looking statements in this press release are based upon management’s beliefs, assumptions and expectations of the Company’s future operations and economic performance, taking into account currently available information. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us. Actual events or results may differ from those expressed or implied in any such forward-looking statements as a result of various factors including the risk factors and other risks that are described from time to time in the Company’s filings with the Securities and Exchange Commission, including but not limited to its Registration Statements on Form S-1 and S-8, its annual reports on Form 10-K, and any quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and available through the Company’s website, which contain a more detailed discussion of the Company’s business, including risks and uncertainties that may affect future results. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.