PAR Technology drops on on planned convertible bond deal

PAR Technology

21/01/2025 14:15

** PAR Technology's  PAR.N  shares down 2.6% at $71.27 before
the bell as restaurant point-of-sale (POS) provider looks to
raise capital
** New Hartford, New York-based firm says offering privately
$100 mln convertible bonds due 2030
    ** It plans to use net 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
    ** Co has market cap of ~$2.8 bln, per LSEG
    ** Through last close on Fri, shares have edged up 0.7% to
begin 2025. Over the past 12 months, stock up ~67%
    ** Of 10 analysts covering the stock, recommendation
breakdown is 8 "strong buy" or "buy", rest "hold" - LSEG
    ** Median PT of $90 unchanged from a month ago, but up from
$65.50 on Oct 21

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