PAR Technology talks $60 million five-year convertible notes to yield 4.25%-4.75%, up 30%-35%

By Abigail W. Adams

Portland, Me., April 9 – PAR Technology Corp. plans to price $60 million of five-year convertible notes after the market close on Wednesday with price talk for a coupon of 4.25% to 4.75% and an initial conversion premium of 30% to 35%, according to a market source.

Jefferies & Co. is bookrunner for the Rule 144A offering, which carries a greenshoe of $10 million.

The notes are non-callable until April 15, 2022 and then subject to a 130% hurdle with a make-whole. They are contingently convertible until Oct. 15, 2023.

The notes may be settled in cash, shares or a combination of both at the company’s option.

Proceeds will be used to repay the full $16.1 million outstanding under its credit facility and terminate the facility.

Remaining proceeds will be used for general corporate purposes, including investment in its Brink business. Proceeds may also be used for the acquisition and investment in complimentary businesses.

PAR Technology is a New Hartford, N.Y.-based software and service solution provider to the restaurant and retail industries.

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