03:33 AM EDT, 07/03/2024 (MT Newswires) -- Repay Holdings ( RPAY ) said Wednesday it priced an offering of $260 million of 2.875% convertible senior notes due 2029.

The initial purchasers have been granted a 13-day option to purchase up to $27.5 million additional amount of notes.

The notes will be convertible at an initial rate of about $13.02 per common share, the company said.

Net proceeds, estimated to be about $252.4 million to $279.2 million, will be used to fund certain capped call transactions, redemption of outstanding convertible senior notes due 2026, share repurchases and general corporate purposes.

Closing of the offering is expected on July 8, subject to customary conditions.

Additionally, the company said it has agreed to repurchase in separate transactions $220 million of its outstanding 2026 notes, and about 3.9 million shares of its common stock at a price of $10.21 per share.

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