Portfolio Recovery Associates Expands Credit Facility to $633 Million

Portfolio Recovery Associates, Inc. (PRA, NASDAQ: PRAA), a financial and business services company operating in the U.S. and U.K, today announced it had modified its Credit Agreement of December 19, 2012, as amended, by increasing its lenders’ domestic revolving credit commitments by $35.5 million, increasing its aggregate credit facility from $597.5 million to $633 million.

Three Virginia-based banks – Bank of Hampton Roads, Heritage Bank, and Union First Market – were added as new lenders, while three other banks in the facility adjusted their credit commitments. After the $35.5 million increase in the amount of revolving credit availability pursuant to the modifications announced today, the total credit facility under the Credit Agreement now includes an aggregate principal amount available of $633 million, which consists of (i) a fully-funded $197.5 million term loan, (ii) a $415.5 million domestic revolving credit facility, of which $415.5 million is available to be drawn, and (iii) a $20 million multi-currency revolving credit facility, of which $20 million is available to be drawn, all of which mature on December 19, 2017.