Commentary & Deal Flow

PRA Group Europe Holding II Sarl (PRAA) EUR300m 144A/Reg S sr notes due 2032 (7y). NC3 (MWC) (50%,25%,par). Equity claw: 3y 40%. Ba3/BB/BB (negative/negative/stable). Gtd by PRA Group Inc. Via DNB (B&D)/ING/Nordeal/SB1 Markets (Sparebank) jt glocos/MUFG/TSI/BofA/Citizens/FITB/CapOne/Key/R.James/Regions jt books. No reg rights. List Lux. NY law. CoC at 101. Denoms: 100kx1k. IPT: 6.50% area. Price talk: 6.375% area.

Final price talk: 6.25%-6.375% WPIR.

Roadshow (small group meetings and 1-1s (virtual or in-person in London) 09/22-23 (investor call at 12:30pm UKT 09/22). Books close at 3:30pm UKT 09/24. Pricing 09/24 UK afternoon. UOP: pay down $174m of the$668m drawn on its North American and pay down $174m of the $714m drawn on its European revolvers. Biz: a sub of PRA Group, a global financial and business services company with operations in the Americas, Europe and Australia, providing outsourced receivables management services. Its primary business is the purchase, collection and management of portfolios of nonperforming loans. HQ: Norfolk, VA.

Netroadshow link: https://urldefense.com/v3/__http:/www.netroadshow.com/nrs/home/*!/?show=7546419b__;Iw!!L0Ua0Wts!f1sfxb