i3 Verticals to repurchase $90.8 million of 1% exchangeables due 2025

By Mary Katherine Stinson

Lexington, Ky., Dec. 22 – i3 Verticals, Inc., via subsidiary i3 Verticals, LLC, entered into individual privately negotiated transactions with a limited number of holders of its outstanding 1% exchangeable senior notes due 2025 under which the company will repurchase $90.8 million principal of the notes for $87.5 million in cash, according to an 8-K filing with the Securities and Exchange Commission.

The approximate repurchase price is subject to adjustment during a 15 trading-day measurement period ending Jan. 16.

The amount is an estimate based on an assumed price of $20.98 per share of the company’s class A common stock, the closing price per share on Dec. 19.

The repurchases are expected to close on or about Jan. 18. Repurchased notes will be canceled.

Following closing, $26.2 million in total principal amount of notes will remain outstanding, with terms unchanged.

In connection with the repurchases, the company and its subsidiary expect to enter into agreements with certain financial institutions to terminate corresponding portions of the convertible note hedge transactions which the subsidiary previously entered.

i3 Verticals is an electronic payment and software company based in Nashville.

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