PAR Technology Announces $100 Million Convertible Senior Notes Offering
NEW HARTFORD, N.Y. — PAR Technology Corporation (NYSE: PAR) announced today the pricing of a $100 million private offering of 1.00% Convertible Senior Notes due 2030. This strategic move is designed to optimize the company’s financial position and offers investors an opportunity to participate in PAR’s future.
The notes, which will mature on January 15, 2030, will be sold to qualified institutional buyers under Rule 144A. The initial purchaser has an option to buy an additional $15 million in Notes. This structure provides PAR Technology with the flexibility to adjust the offering based on market demand.
The notes carry a 1.00% annual interest rate, payable semiannually. They will be convertible into PAR’s common stock at an initial conversion rate of 10.3089 shares per $1,000 principal amount, which is equivalent to approximately $97.00 per share. This represents a 32.5% premium over the stock price on January 21, 2025. The conversion feature provides investors with the potential for equity participation.
PAR Technology expects to receive net proceeds of approximately $96.7 million, which will primarily be used to repay the $90 million Blue Owl Term Loan. The remaining funds will be allocated for general corporate purposes, potentially including strategic investments in complementary businesses, products, or technologies.
The notes are redeemable at PAR’s option under certain conditions. PAR can redeem all or a portion of the notes on or after January 20, 2028, if the company’s stock price reaches at least 130% of the conversion price for a specified period.
This offering highlights PAR Technology’s proactive approach to financial management, positioning it for continued growth and innovation in the restaurant technology sector.
