CPI Card Group Inc. Announces Closing of Private Offering of $285 Million of Senior Secured Notes and Entry into New $75 Million ABL Revolver
11 Luglio 2024 - 10:05PM
Business Wire
CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”)
today announced the closing of the previously announced private
offering by its wholly-owned subsidiary, CPI CG Inc. (the
“issuer”), of $285 million aggregate principal amount of its
10.000% senior secured notes due 2029 (the “notes”) and related
guarantees. Concurrently with the issuance of the notes, the
Company entered into a $75 million secured asset based revolving
credit facility (the “ABL revolver”), which replaced its existing
$75 million facility.
The issuer used the net proceeds from the notes offering,
together with cash on hand, to redeem all of the issuer’s
outstanding 8.625% senior secured notes due 2026 (the “2026 notes”)
and to pay related fees, premiums and expenses.
The notes are general senior secured obligations of the issuer
and guaranteed by the Company and all of its current and future
wholly-owned domestic subsidiaries (other than the issuer) that
guarantee the ABL revolver, and are secured by substantially all of
the assets of the issuer and the guarantors, subject to customary
exceptions.
The notes and related guarantees were offered only to persons
reasonably believed to be qualified institutional buyers in
accordance with Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”), or outside the United States to
certain non-U.S. persons in compliance with Regulation S under the
Securities Act. The issuance and sale of the notes and related
guarantees have not been, and will not be, registered under the
Securities Act or the securities laws of any state or other
jurisdiction, and the notes and related guarantees may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and other applicable securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes and related guarantees.
Offers of the notes and related guarantees were made only by means
of a private offering memorandum, and are not being made to any
person in any jurisdiction in which such offer, sale or
solicitation is unlawful.
About CPI Card Group Inc.
CPI Card Group is a payments technology company providing a
comprehensive range of credit, debit, and prepaid card and digital
solutions, including Software-as-a-Service (SaaS) instant issuance.
With a focus on building personal relationships and earning trust,
we help our customers navigate the constantly evolving world of
payments, while delivering innovative solutions that spark
connections and support their brands. We serve clients across
industry, size, and scale through our team of experienced,
dedicated employees and our network of high-security production and
card services facilities—located in the United States.
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CPI Card Group Inc. Investor
Relations: (877) 369-9016
InvestorRelations@cpicardgroup.com
CPI Card Group Inc. Media
Relations: Media@cpicardgroup.com
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