Shift4 greenshoe lifts 0.5% convertibles to $632.5 million

By Rebecca Melvin

Concord, N.H., July 27 – Underwriters for Shift4 Payments Inc.’s 0.5% six-year convertibles fully exercised their $82.5 million greenshoe, increasing the total deal size to $632.5 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced an upsized $550 million of the convertibles after the market close on July 22 at par at the rich end of talk with a coupon of 0.5% and an initial conversion premium of 42.5%.

As previously reported, price talk was for a coupon of 0.5% to 1% and an initial conversion premium of 37.5% to 42.5%.

Goldman Sachs & Co. LLC (lead left), Citigroup Global Markets Inc and Credit Suisse Securities (USA) LLC were the bookrunners for the Rule 144A offering, which had an initial size talked at $500 million with a greenshoe of $75 million.

The notes are non-callable until Aug. 6, 2024 and then subject to a 130% hurdle. They are putable upon a fundamental change.

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

Proceeds will be used for general corporate purposes, which may include acquisitions or investments.

Shift4 Payments is an Allentown, Pa.-based integrated payment processing company.

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