PAR Technology Corporation Announces Proposed Offering of $100 Million of Convertible Senior Notes
PAR Technology Corporation (NYSE: PAR) announced its intention to offer $100 million aggregate principal amount of Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers. The Company also plans to grant the initial purchaser an option to purchase up to an additional $15 million aggregate principal amount of Notes within 13 days of the initial issuance.
The Notes will be general unsecured obligations with interest payable semiannually. They will be convertible at the holders’ option under certain circumstances before October 15, 2029, and at any time thereafter until maturity. Upon conversion, the Notes may be settled in cash, Company common stock, or a combination of both, at the Company’s election.
The Company intends to use the net proceeds to repay the $90 million Blue Owl Term Loan, with remaining proceeds going toward general corporate purposes, potential acquisitions, or investments in complementary businesses. The Notes will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
This announcement is neither an offer to sell nor a solicitation of an offer to buy the Notes or any shares issuable upon conversion. The Notes and related shares have not been registered under the Securities Act or any other jurisdiction’s securities laws.
Forward-Looking Statements
This press release contains forward-looking statements regarding the Offering, use of proceeds, and expected terms. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including market conditions, the Company’s ability to close the Offering, and the intended use of proceeds. Risks and uncertainties are detailed in PAR’s Annual Report on Form 10-K for the year ended December 31, 2023, and other SEC filings.
About PAR Technology Corporation
PAR Technology Corporation (NYSE: PAR) has been a technology innovator in foodservice for over four decades. The Company provides a comprehensive suite of software and hardware solutions, including point-of-sale, digital ordering, and back-office management, serving hospitality and retail clients across more than 110 countries. PAR’s “Better Together” ethos focuses on unified solutions that drive customer engagement, efficiency, and growth.
