PRAA Announces Pricing of Secondary Public Offering of Its Stock

NORFOLK, VA – Portfolio Recovery Associates, Inc. (Nasdaq: PRAA) today announced that it has priced its public offering of 3,500,000 shares of its common stock at $25.50 per share. All 3,500,000 of the shares are being offered by selling stockholders. The company will not receive any of the proceeds from the sale of common stock by the selling stockholders. The underwriters have a 30-day option to purchase up to an additional 525,000 shares of common stock from the selling stockholders to cover over-allotments.

William Blair & Company is the lead manager for the offering and U.S. Bancorp Piper Jaffray is the co-manager. A final prospectus relating to the offering may be obtained from William Blair & Company at 800-621-0687 or U.S. Bancorp Piper Jaffray at 800-333-6000.

About Portfolio Recovery Associates
Portfolio Recovery Associates is a full-service provider of outsourced receivables management. Portfolio Recovery Associates purchases, collects and manages portfolios of defaulted consumer receivables. Defaulted consumer receivables are the unpaid obligations of individuals to credit originators, including banks, credit unions, consumer and auto finance companies, retail merchants and other service providers. The defaulted consumer receivables Portfolio Recovery Associates collects are either purchased from the credit originator or are collected on behalf of clients on a commission basis. Portfolio Recovery Associates’ principal executive offices are located at 120 Corporate Boulevard, Suite 100, Norfolk, Virginia 23502, Internet email: info@portfoliorecovery.com; Phone: 888-772-7326.