PAR Technology Corporation Announces $100 Million Convertible Senior Notes Offering
NEW HARTFORD, N.Y.–(BUSINESS WIRE)–PAR Technology Corporation (NYSE: PAR) announced today that it has priced a private offering of $100 million aggregate principal amount of 1.00% Convertible Senior Notes due 2030. The Notes will be sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
The Company has also granted the initial purchaser an option to purchase up to an additional $15 million aggregate principal amount of Notes during a 13-day period beginning on the first date of issuance. The sale is expected to close on January 24, 2025, subject to satisfaction of closing conditions.
The Notes will be general unsecured obligations of the Company, maturing on January 15, 2030, unless earlier converted, redeemed, or repurchased. Interest will accrue at a rate of 1.00% per year, payable semiannually on January 15 and July 15, beginning July 15, 2025.
The Notes will be convertible at the holders’ option under certain circumstances. The initial conversion rate will be 10.3089 shares of the Company’s common stock per $1,000 principal amount of Notes, representing a conversion premium of approximately 32.5% above the last reported sale price on January 21, 2025.
The Company estimates net proceeds from the Offering will be approximately $96.7 million, or $111.3 million if the initial purchaser exercises its option in full. The proceeds will be used to repay the $90 million principal amount outstanding of the Blue Owl Term Loan, with remaining proceeds used for general corporate purposes.
This press release contains forward-looking statements regarding the completion of the Offering, use of proceeds, and expected terms. These statements are subject to risks and uncertainties that could cause actual results to differ materially.
PAR Technology Corporation is a global leader in enterprise foodservice technology solutions, providing software and hardware solutions to hospitality and retail clients across more than 110 countries.
