Priority Technology Holdings, Inc. announced on November 21, 2024, the successful redemption in full of the remaining preferred stock on its balance sheet. The redemption totaled $113.3 million, simplifying the company's capital structure. This action aligns with Priority's ongoing strategy to optimize its financial foundation.
The redemption was completed using proceeds from a $115 million increase to its existing term loan due May 2031. This financial maneuver demonstrates the company's ability to leverage its debt facilities for strategic capital management. The simplified structure is expected to enhance financial clarity.
This move reduces future preferred stock obligations, which can improve cash flow and financial flexibility. The company aims to unlock revenue opportunities and generate operational success for businesses. This strategic financial decision supports Priority's long-term growth objectives.
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