08:47 AM EST, 01/22/2025 (MT Newswires) -- PAR Technology ( PAR ) said Wednesday it priced a $100 million private offering of 1% convertible senior notes due 2030, with closing expected on Jan. 24.

The company said the notes are convertible into cash, stock, or a combination of both, with an initial conversion rate equivalent to about $97 per share. They carry a 1% annual interest, payable semiannually, and are redeemable starting January 2028 under specific conditions.

The initial purchaser will have a 13-day option to buy up to an additional $15 million of notes, PAR Technology ( PAR ) said.

Net proceeds are estimated at $96.7 million or $111.3 million if an option to purchase additional notes is exercised, and part will be used to fully repay the $90 million principal amount outstanding for the term loan under its credit deal with Blue Owl Capital (OBDC), with the remaining allocated for general corporate purposes, PAR Technology ( PAR ) added.