Key Developments For Portfolio Recovery Associates Inc
Portfolio Recovery Associates Inc (PRAA.O) (Nasdaq)
Portfolio Recovery Associates, Inc. Acquires Assets Of Broussard
Portfolio Recovery Associates, Inc. announced that it has acquired the assets of Broussard Partners & Associates, Inc.
Portfolio Recovery Associates, Inc. To Acquire MuniServices, LLC
Portfolio Recovery Associates, Inc. announced that it has entered into a definitive agreement to acquire MuniServices, LLC, which specializes in revenue enhancement for government clients. The purchase of privately held MuniServices is scheduled to close on July 1, 2008, with Portfolio Recovery Associates paying a total of $24.6 million ($22.5 million in cash and $2.1 million in common stock) for 100% of the membership interests of MuniServices. The purchase price could increase by a total of $4.5 million in stock through contingent payments in 2008 and 2009 related to specific operating goals.
Portfolio Recovery Associates, Inc. Increases Bank Credit Line to $340 Million
Portfolio Recovery Associates, Inc. announced that it has expanded its bank credit line to $340 million. This represents an increase of $70 million from the Company's existing $270million bank line. The expanded line has borrowing terms consistent with the existing facility and includes a refreshed three-year expiration.
Portfolio Recovery Associates, Inc. Closes On Expanded $150 Million Credit Line
Portfolio Recovery Associates, Inc. announced that it has closed on an expanded $150 million bank credit line. This credit line expansion is one component of a three-part program announced on April 24, 2007, to move toward optimizing the Company's capital structure. The expanded $150 million line, which includes an option to set a 5-year fixed-rate tranche of $50 million, doubles the Company's credit line from the prior $75 million. Lenders participating in the expanded line include Bank of America, N.A., Wachovia Bank, National Association, and RBC Centura Bank.
Portfolio Recovery Associates, Inc. Declares Dividend; Announces Share Buyback
Portfolio Recovery Associates, Inc. announced that its Board of Directors has declared a $1.00 per share, special one-time cash dividend payable to shareholders of record as of May 9, 2007. The dividend will be paid on June 8, 2007. The Company has also authorized 1 million share stock repurchase program that will include both open-market and planned stock purchases.
