CPI Card Group announces pricing of private debt offering

CPI Card Group Inc. announced the pricing of a private offering by CPI CG Inc. of $310 million of its 8.625% senior secured notes due 2026 and related guarantees.

The offering is expected to close on March 15.

CPI CG plans to use the net proceeds of the offering, together with cash on hand and initial borrowings under a $50 million secured asset-based revolving credit facility that it expects to enter into concurrently with the issuance of the notes, to repay in full and terminate its existing credit facilities and to pay related fees and expenses.