Euronet Worldwide Inc. plans to privately offer $500 million of convertible senior notes due March 15, 2049.
The company also intends to grant to the initial purchasers a 13-day option to buy up to an additional $25 million of the notes. The notes will be redeemable for cash on or after Sept. 20, 2022, at the company's option.
Euronet may use a portion of the proceeds from the offering to repay existing indebtedness. The company may also use a portion of the proceeds to finance the repurchase of up to $100 million of its common shares. The repurchase of common shares may occur prior to or concurrently with the pricing of the offering in privately negotiated transactions.
The company also intends to use the remaining amount of the net proceeds for general corporate purposes, which may include redemption of Euronet's outstanding 1.50% convertible senior notes due 2044, repayment of borrowings outstanding under the company's unsecured revolving credit facility, share repurchases or acquisitions.
The notes are convertible into cash, Euronet common shares or a combination of cash and Euronet common shares, at Euronet's election.
Wells Fargo Securities and Bank of America Merrill Lynch are acting as initial purchasers in the offering.