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PRAA > SEC Filings for PRAA > Form 8-K on 7-Apr-2014All Recent SEC Filings




Entry into a Material Definitive Agreement, Creation of a Direc

Item 1.01 Entry into a Material Definitive Agreement.

On April 1, 2014, Portfolio Recovery Associates, Inc. ("the Company") entered into a Lender Joinder Agreement and a Lender Commitment Agreement (collectively, the "Commitment Increase Agreements"), which together increased the amount of revolving credit availability under that certain Credit Agreement dated as of December 19, 2012 by and among the Company, the domestic wholly-owned subsidiaries of the Company as guarantors (Portfolio Recovery Associates, LLC, PRA Holding I, LLC, PRA Location Services, LLC, PRA Government Services, LLC, PRA Receivables Management, LLC, PRA Holding II, LLC, PRA Holding III, LLC, MuniServices, LLC, PRA Professional Services, LLC, PRA Financial Services, LLC, PRA Auto Funding, LLC, PRA Holding IV, LLC and Claims Compensation Bureau, LLC), Bank of America, N.A. as administrative agent, swing line lender, and l/c issuer, Wells Fargo Bank, N.A. and SunTrust Bank as co-syndication agents, KeyBank, National Association, as documentation agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, and SunTrust Robinson Humphrey, Inc. as joint lead arrangers and joint book managers, and the lenders named therein, as the same has been amended from time to time.

The Commitment Increase Agreements increased by $214.5 million the amount of revolving credit availability under the Credit Agreement, increased the revolving credit commitments of certain Lenders and added three new Lenders to the Credit Agreement. After the $214.5 million increase in the amount of revolving credit availability pursuant to the Commitment Agreements, the total credit facility under the Credit Agreement now includes an aggregate principal amount of $842.5 million (subject to compliance with a borrowing base), which consists of (i) a fully-funded $192.5 million term loan, (ii) a $630 million domestic revolving credit facility, of which $630 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.

The foregoing description of the Commitment Increase Agreements does not purport to be complete and is qualified in its entirety by the full text of such documents.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided above under Item 1.01 is hereby incorporated in this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Press release dated April 7, 2014.

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