PAR Technology Corporation Announces Proposed Offering of $100 Million of Convertible Senior Notes
NEW HARTFORD, N.Y.–(BUSINESS WIRE)–PAR Technology Corporation (NYSE: PAR) announced today its intention to offer $100 million aggregate principal amount of Convertible Senior Notes due 2030 (the “Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
The Company also expects to grant to the initial purchaser of the Notes an option to purchase, during a 13-day period beginning on, and including, the first date on which the Notes are issued, up to an additional $15 million aggregate principal amount of Notes.
The Notes will be general unsecured obligations of the Company with interest payable semiannually. The Notes will be convertible at the option of the holders under certain circumstances and during certain periods. Upon conversion, the Notes may be settled, at the Company’s election, in cash, shares of the Company’s common stock, or a combination of both.
The Company intends to use the net proceeds from the Offering to repay in full the $90 million principal amount outstanding of the term loan under its credit agreement with Blue Owl Capital Corporation, plus accrued interest and prepayment premium. The remaining net proceeds will be used for general corporate purposes, which may include acquiring or investing in companies, products, or technologies complementary to its business.
This announcement is neither an offer to sell nor a solicitation of an offer to buy the Notes or any shares of the Company’s common stock issuable upon conversion of the Notes. The Notes and any shares of the Company’s common stock issuable upon conversion have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction.
Forward-looking statements in this press release are based on management’s current expectations and assumptions that are subject to various risks and uncertainties. These risks include whether the Company will consummate the Offering on the expected terms, market and general economic conditions, and the Company’s ability to satisfy the conditions required to close any sale of the Notes.
About PAR Technology Corporation For over four decades, PAR Technology Corporation (NYSE: PAR) has been at the forefront of technology innovation in foodservice, helping businesses create exceptional guest experiences. PAR’s comprehensive suite of software and hardware solutions serves a diverse range of hospitality and retail clients across more than 110 countries.
