8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 1, 2020

PRA Group, Inc.

_________________________________________

(Exact name of registrant as specified in its charter)

Delaware		000-50058	75-3078675
(State or other jurisdiction of incorporation)		(Commission File Number)	(I.R.S. Employer Identification No.)
120 Corporate Boulevard
Norfolk,	Virginia		23502
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (888) 772-7326

Not Applicable

______________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	PRAA	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) On July 1, 2020, the Board of Directors (the “Board”) of PRA Group, Inc. (the “Company”) elected Brett L. Paschke as an independent director effective the same day with a term expiring at the Company’s 2021 Annual Meeting of Stockholders. The Board also appointed Mr. Paschke to its Audit Committee and Compliance Committee. Mr. Paschke will receive compensation for his services as an independent director in accordance with the Company’s standard compensation program for non-executive directors, which was previously disclosed in the Company’s Proxy Statement for the 2020 Annual Meeting of Stockholders, which was filed with the Securities and Exchange Commission on April 29, 2020.

Mr. Paschke has no family relationships with any of the Company’s executive officers or directors. There are no arrangements or understandings between Mr. Paschke and any other person pursuant to which he was appointed as a director, nor have there been any transactions in the past two years to which the Company or any of its subsidiaries was or is to be a party, in which Mr. Paschke had or has an interest requiring disclosure under Item 404(a) of Regulation S-K of the Securities Exchange Act of 1934, as amended.

On July 1, 2020, the Company issued a press release regarding Mr. Paschke’s election to the Board. A copy of the Company’s press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1	Press Release dated July 1, 2020
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PRA Group, Inc.
Date: July 1, 2020	By:	/s/ Peter M. Graham
		Peter M. Graham
		Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

PRA Group Appoints Brett Paschke to Board of Directors

NORFOLK, Va., July 1, 2020 — PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, announced today that Brett Paschke was appointed to the Company’s Board of Directors effective July 1, 2020. Paschke, who is independent, will serve on the Audit Committee and Compliance Committee.

Paschke is a partner and managing director at William Blair & Company, a leading global investment banking firm focused on serving high quality growth companies. He has led the Equity Capital Markets Group at William Blair since 2009. Paschke is a recognized expert in capital markets having served as an expert witness during the U.S. House Financial Services Subcommittee on Capital Markets hearing regarding the importance of encouraging the vitality of the U.S. public markets. He currently leads the firm’s Public Company Investment Banking effort focused on serving William Blair’s public company management teams and boards through the value creation process by delivering the full spectrum of services, experts and resources of the firm. He is also Chairman of the firm’s Equity and Debt Commitment Committees, which determine which deals the firm underwrites. Paschke joined William Blair in 1997 and prior to his current roles he was Group Head for Business and Financial Services Investment Banking.

“I am pleased to welcome Brett to PRA Group’s Board of Directors. Brett brings with him a wealth of experience in our industry having been involved in numerous capital markets transactions as well as mergers and acquisitions in the nonperforming loan space. His knowledge base and experience advising private and public company boards of directors on matters of strategy will also be very beneficial,” said Steve Fredrickson, chairman of the Board of Directors.

Paschke earned a Bachelor of Arts in Politics from Princeton University and a Master of Business Administration from Harvard Business School.

About PRA Group, Inc.

As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With thousands of employees worldwide, PRA Group, Inc. companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.

Investor Contact:

Darby Schoenfeld, CPA

Vice President, Investor Relations

(757) 431-7913

Darby.Schoenfeld@PRAGroup.com

News Media Contact:

Elizabeth Kersey

Vice President, Communications and Public Policy

(757) 431-3398

Elizabeth.Kersey@PRAGroup.com

XML

Cover Page	Jul. 01, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 01, 2020
Entity Registrant Name	PRA Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	000-50058
Entity Tax Identification Number	75-3078675
Entity Address, Address Line One	120 Corporate Boulevard
Entity Address, City or Town	Norfolk,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23502
City Area Code	(888)
Local Phone Number	772-7326
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRAA
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001185348