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): December 21, 2012

Portfolio Recovery Associates, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	000-50058	75-3078675
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	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))

Item 8.01 Other Events.

On December 21, 2012, Portfolio Recovery Associates, Inc. (the "Company"), through its wholly owned subsidiaries, Portfolio Recovery Associates, LLC and PRA Receivables Management, LLC, purchased certain assets from National Capital Management, LLC and its affiliates (NCM) for $115.3 million. The assets include secured and unsecured consumer bankruptcy accounts and operating assets associated with the underwriting and collection of secured bankruptcy claims, including the hiring of certain NCM employees.

A copy of the Company's press release announcing the purchase is furnished with this Current Report as Exhibit 99.1 and is incorporated herein by reference. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein is deemed to have been furnished and shall not be deemed to be "filed" under the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1 Press Release dated December 21, 2012.

SIGNATURES

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.

	Portfolio Recovery Associates, Inc.
December 21, 2012	By:	/s/ Kevin P. Stevenson
		Name: Kevin P. Stevenson
		Title: EVP/CFO

Exhibit Index

Exhibit No.	Description
99.1	Press release dated December 21, 2012.

EX-99.1

PRA ACQUIRES CONSUMER BANKRUPTCY CLAIMS FROM NCM

NORFOLK, Va., December 21, 2012 – Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a financial and business services company, today announced a $115.3 million acquisition of certain assets from National Capital Management, LLC (NCM). These assets include secured and unsecured consumer bankruptcy accounts and operating assets associated with the underwriting and collection of secured bankruptcy claims. The transaction also includes the hiring of certain NCM employees.

“Since PRA began to diversify its business model in 2004 by moving into bankruptcy debt buying and claims processing, we’ve grown a bankruptcy business that has become a significant contributor to our bottom line. This acquisition provides further diversification by expanding PRA’s bankruptcy business to include larger secured claims and other assets,” said Steve Fredrickson, chairman, president and chief executive officer, PRA.

“NCM has built an impressive business over the years and we are very excited about the purchase,” said Mike Petit, president, Bankruptcy Services, PRA.

During the first nine months of this year, PRA generated $263.1 million in cash collections from its portfolios of purchased bankruptcy accounts and invested $151.6 million in new, largely-unsecured bankruptcy claims, representing 45% of PRA’s total consumer debt buying business this year.

About Portfolio Recovery Associates
Portfolio Recovery Associates, Inc. (PRA) is a financial and business services company.  A market leader in the consumer debt purchase and collection industry, PRA has a longstanding culture of compliance, engaging collaboratively with its customers to create realistic, affordable repayment plans.

The company provides a broad range of business services to local government, auto lenders, law enforcement, institutional investors, manufacturers and retailers, and U.K. banks and creditors.  PRA was recognized as one of Fortune’s 100 Fastest Growing Companies in 2012.  The company also was named one of Forbes’ Top 25 Best Small Companies in America in 2012, and has been annually ranked as one of Forbes’ 100 Best Small Companies since 2007.  For more information, visit www.PortfolioRecovery.com.