PAR Technology Prices $250 Mln Convertible Senior Notes

Par Technology CorpShs

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(RTTNews) - PAR Technology Corp. (PAR) on Friday priced a private offering of $250 million aggregate principal amount of 4% convertible senior notes due 2031.

The offering is expected to close on March 17.

The company also granted the initial purchasers a 13-day option to purchase up to an additional $15 million principal amount of the notes.

The notes will be general unsecured obligations of the company and will bear interest at 4% per year, payable semi-annually on March 15 and September 15, beginning September 15.

The notes will mature on March 15, 2031, unless earlier converted, redeemed or repurchased.

The initial conversion rate is 52.5762 shares per $1,000 principal amount, representing an initial conversion price of $19.02 per share, a 20% premium to the company's last reported share price on March 12.

The notes will not be redeemable before March 20, 2029, and may thereafter be redeemed for cash if the company's share price exceeds 130% of the conversion price for a specified period.

The company expects net proceeds of about $242.3 million, or about $256.8 million if the option for additional notes is fully exercised.

The company plans to use about $207.5 million of the proceeds to repurchase a portion of its 1.50% convertible senior notes due 2027, and about $33.1 million to repurchase roughly 2.09 million common shares.

The remaining proceeds will be used for general corporate purposes, including potential acquisitions or investments in complementary businesses, products or technologies.

PAR Technology closed the regular trading session on March 13, 2026, at $15.85, down $0.94 or 5.60%. Later, in overnight trading, the share price declined to $12.89, lesser $2.96 or 18.68%, as of 2:40 AM EST.