Commentary & Deal Flow

PRA Group Europe Holding II Sarl (PRAA) EUR300m 144A/Reg S sr notes due 09/30/32 (7y). NC3 (09/30/28) (MWC B+50bp), then at 103.125 09/30/28, 101.5625 09/30/29, 100 09/30/30. Equity claw: 3y 40% at 106.25. Ba3/BB/BB (negative/negative/stable). Gtd by PRA Group Inc. Via DNBC (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. Pays March 31 and Sept 30, starting 03/31/26. Denoms: 100kx1k. Settles 09/30 (T+4). Reg S ISIN: XS31857440811. IPT: 6.50% area. Price talk: 6.375% area. Final price talk: 6.25%-6.375% WPIR. Final terms: EUR300m at 6.25%.

Priced: 6.25% at 100. +373bp vs DBR 2.50% 11/15/32.

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 closed at 3:30pm UKT 09/24. 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