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i3 Verticals, Inc. Announces Pricing of Exchangeable Notes Offering
NASHVILLE, Tenn., Feb. 12, 2020 (GLOBE NEWSWIRE) -- i3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”) announced today that i3 Verticals, LLC (the “Issuer”), a
About this update from I3 Verticals, Inc.
[{"type":"text","content":"NASHVILLE, Tenn., Feb. 12, 2020 (GLOBE NEWSWIRE) -- i3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”) announced today that i3 Verticals, LLC (the “Issuer”), a subsidiary of the Company, has priced its previously announced offering of $120 million aggregate principal amount of 1.00% exchangeable senior notes due 2025 (the “Exchangeable Notes”).\n The Issuer granted to the initial purchasers of the Exchangeable Notes a right to purchase up to an additional $18 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 offering is expected to settle on February 18, 2020, subject to customary closing conditions. The Exchangeable Notes will be general senior unsecured obligations of the Issuer, guaranteed by the Company and will bear interest at a fixed rate of 1.00% per year, payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2020. 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. The exchange rate is initially 24.4666 shares of Class A common stock per $1,000 principal amount of Exchangeable Notes (equivalent to an initial exchange price of approximately $40.87 per share of Class A common stock). The initial exchange price of the Exchangeable Notes represents a premium of approximately 30.00% to the $31.44 closing price of the Class A common stock on the Nasdaq Global Select Market on February 12, 2020. The exchange rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date or the Issuer’s del...