PAR Technology Corporation announced on November 21, 2024, that it has entered into privately negotiated agreements to exchange $100 million aggregate principal amount of its outstanding 2.875% Convertible Senior Notes due 2026. These notes will be exchanged for approximately 2.4 million shares of the company’s common stock and approximately $336,000 in cash.
The Notes Exchange is expected to close on November 27, 2024, subject to customary closing conditions. Following this transaction, an aggregate of $20 million principal amount of the 2.875% Convertible Senior Notes due 2026 will remain outstanding.
Savneet Singh, PAR Technology CEO, commented that equitizing $100 million of the company's debt provides flexibility to its balance sheet. This move is intended to unlock future accretive investment opportunities, signaling a strategic focus on capital allocation for growth.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.