(RTTNews) - Stock of PAR Technology Corporation (PAR) is moving down about 14 percent on Friday morning trading following the company's announcement regarding pricing of a private offering of $250 million aggregate principal amount of 4% convertible senior notes due 2031.
The company's stock is currently trading at $13.64, down 14.11 percent, over the previous close of $15.88 on the New York Stock Exchange. It has traded between $12.48 and $72.15 in the past one year.
The company noted that the initial conversion rate is 52.5762 shares per $1,000 principal amount, representing an initial conversion price of $19.02 per share. Of the total proceeds, majority will be utilized to repurchase a portion of its 1.50% convertible senior notes due 2027.
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