PAR Technology dips after $100 mln convertible bond deal

PAR Technology

22/01/2025 15:56

** Shares of PAR Technology  PAR.N  down 0.6% at $72.77 on Weds
after point-of-sale (POS) provider to restaurants raises capital
** New Hartford, New York-based co early Weds announced pricing
$100 mln 1% convertible bonds due 2030
    ** Initial conversion price of $97 represents 32.5% premium
to stock's last close on Tues
    ** Co intends to use net offering proceeds to fully repay
$90 mln principal amount outstanding under term loan with
specialty finance firm Blue Owl Capital Corp  OBDC.N , remainder
for general purposes
    ** Through Tues, co had ~$2.8 bln market cap, per LSEG
    ** YTD, PAR shares are flat. Stock closed at $46.07 a year
ago
    ** Of 10 analysts covering the stock, recommendation
breakdown is 8 "strong buy" or "buy", rest "hold" with $90
median PT

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))