i3 Verticals, Inc. Announces Launch of Exchangeable Notes Offering

About this update from I3 Verticals, Inc.

[{"type":"text","content":"NASHVILLE, Tenn., Feb. 11, 2020 (GLOBE NEWSWIRE) -- i3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”) announced today the planned offering by i3 Verticals, LLC (the “Issuer”), a subsidiary of the Company, of $100 million aggregate principal amount of exchangeable senior notes due 2025 (the “Exchangeable Notes”). The offering of the Exchangeable Notes is subject to market and other conditions.\n The Issuer also intends to grant to the initial purchasers of the Exchangeable Notes the right to purchase up to an additional $15 million aggregate principal amount of the Exchangeable Notes during a 13-day period beginning on, and including, the first day on which the Exchangeable Notes are issued. The Exchangeable Notes will be general senior unsecured obligations of the Issuer, guaranteed by the Company. The Exchangeable Notes will mature on February 15, 2025, unless earlier exchanged, repurchased or redeemed. Prior to the close of business on the business day immediately preceding August 15, 2024, the Exchangeable Notes will be exchangeable only upon satisfaction of certain conditions and during certain periods, and thereafter, the Exchangeable Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Exchangeable Notes will be exchangeable on the terms set forth in the indenture into cash, shares of Class A common stock, $0.0001 par value per share of the Company (“Class A common stock”), or a combination of cash and Class A common stock, at the Issuer’s election. If a fundamental change occurs, holders may require the Issuer to repurchase for cash all or part of their Exchangeable Notes at a repurchase price equal to 100% of the principal amount of the Exchangeable Notes to be repurchased, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date. The Issuer may not otherwise redeem the Exchangeable Notes prior to February 20, 2023. On or after February 20, 2023, and prior to the 47th scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Class A common stock has been at least 130% of the exchange price for the Exchangeable Notes for certain specified periods, the Issuer may redeem all or any portion of the Exchangeable Notes for a cash redemption price t...

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