PAR Technology greenshoe increases 4.5% convertibles to $80 million

By Wendy Van Sickle

Columbus, Ohio, April 15 – Jefferies LLC, initial purchaser for PAR Technology Corp.’s 4.5% convertible notes due April 15, 2024, fully exercised its $10 million greenshoe on Thursday, lifting the total deal size to $80 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced $70 million of the notes after the market close on Wednesday with an initial conversion premium of 32.5%, as previously reported.

The Rule 144A deal, which was upsized from a planned $60 million, priced right in the middle of talk for a coupon of 4.25% to 4.75% and an initial conversion premium of 30% to 35%.

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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