PAR Technology Corporation announced on January 22, 2025, the pricing of a private offering of $100 million aggregate principal amount of 1.00% Convertible Senior Notes due 2030. The company also granted the initial purchaser an option to buy up to an additional $15 million aggregate principal amount of Notes.
The sale is expected to close on January 24, 2025. The Notes will mature on January 15, 2030, and will accrue interest at a rate of 1.00% per year, payable semiannually. The initial conversion rate is 10.3089 shares of common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $97.00 per share, representing a 32.5% premium over the January 21, 2025, closing price.
PAR intends to use the estimated net proceeds of approximately $96.7 million (or $111.3 million if the option is fully exercised) to repay in full the $90 million principal amount outstanding of its term loan under its credit agreement with Blue Owl Capital Corporation. The remaining proceeds will be used for general corporate purposes, including potential acquisitions or investments in complementary companies, products, or technologies.
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