Euronet Worldwide Inc. priced its private offering of $500 million of 0.75% convertible senior notes.
The electronic payments provider granted initial buyers a 13-day option to purchase up to an additional $25 million of the notes.
Net proceeds will reach about $487.8 million, or about $512.2 million if the initial purchasers fully exercise their overallotment option. Approximately $94.5 million of the net proceeds will be used to fund the repurchase of $49 million of the company's outstanding 1.50% convertible senior notes due 2044. The remainder will be used for general corporate purposes, including the redeeming the company's existing convertible notes, repaying borrowings outstanding under the company's unsecured revolving credit facility, share repurchases or acquisitions.
The notes offering is expected to close March 18, after which the company will redeem the existing convertible notes in whole. The notes may be exchanged for cash and/or Euronet common share or they may be repurchased. Holders of the notes may convert them after the existing convertible notes are called for redemption.
Wells Fargo Securities and BofA Merrill Lynch are the joint book-running managers for the offering.