PAR Technology Raises $275.4M Via Simultaneous Equity, Senior Convertible Note Offerings

PAR Technology Corp PAR priced 0.89 million shares and $235.0 million 1.5% senior convertible notes due 2027 to raise $275.4 million in a concurrent secondary public offering.
The underwriters have a 30-day option to purchase additional shares up to 89,286 and $30.0 million 2027 notes.
Interest on the 2027 notes will be payable semiannually on April 15 and October 15 of each year, beginning on April 15.
The initial conversion rate for the 2027 notes will be equivalent to an initial conversion price of approximately $77 per share, implying a premium of 37.5% on the offering price.
PAR can redeem the 2027 notes after October 15, 2024, if PAR's last reported sale price exceeds 130% of the conversion price.
PAR will utilize the offering proceeds for debt repayment, general corporate purposes, and acquisitions.
PAR held $279.1 million in long-term debt as of June 30.
Price Action: PAR shares traded higher by 4.53% at $58.55 in the premarket session on the last check Wednesday.