Portfolio Recovery Associates 8-K 2008
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Portfolio Recovery Associates, Inc.
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)
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On December 16, 2008, Portfolio Recovery Associates, Inc. (the "Company"), entered into an interest rate forward swap transaction (the "Swap") with J.P. Morgan Chase Bank, National Association pursuant to an ISDA Master Agreement which contains customary representations, warranties and covenants. The Company entered into the Swap to mitigate the interest rate risk on its Fourth Amended and Restated Loan and Security Agreement, as described in the Company’s September 8, 2008 Form 8-K.
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.