PAR Technology Corporation Announces Agreements to Exchange $100 Million of its 2.875% Convertible Senior Notes Due 2026 for Shares of its Common Stock
NEW HARTFORD, N.Y.–(BUSINESS WIRE)–PAR Technology Corporation (NYSE: PAR) announced today that it has entered into privately negotiated agreements with certain holders of its outstanding 2.875% Convertible Senior Notes due 2026 to exchange $100 million aggregate principal amount of the Notes for approximately 2.4 million shares of the Company’s common stock and approximately $336,000 in cash. The transaction, known as the Notes Exchange, is expected to close on November 27, 2024, subject to customary closing conditions.
Following the Notes Exchange, an aggregate of $20 million principal amount of the Notes will remain outstanding. J.P. Morgan acted as sole agent with respect to the Notes Exchange, while J. Wood Capital Advisors served as financial advisor to the Company.
Savneet Singh, PAR Technology CEO, commented, “In equitizing $100 million of our debt, we provide flexibility to our balance sheet to unlock future accretive investment opportunities.”
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements are predictive of future operations, financial condition, business strategies, and prospects. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “continue,” “could,” “expect,” “estimate,” “intend,” “may,” “plan,” “should,” “will,” and similar expressions.
Such forward-looking statements are subject to certain risks, uncertainties, and assumptions, including market conditions, risks, and trends. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors is included in the Company’s filings with the Securities and Exchange Commission.
PAR Technology Corporation has been at the forefront of technology innovation in food service for over four decades, helping businesses create exceptional guest experiences. The company’s comprehensive suite of software and hardware solutions serves a diverse range of hospitality and retail clients across more than 110 countries.
