Cardtronics Launches Tender Offer For Outstanding Junk Bonds

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HOUSTON – ATM operator Cardtronics said yesterday it is offering $200 million in senior subordinated notes and will use the proceeds to buy back $200 million of 9 1/4% senior subordinated notes in a tender offer.

The tender offer is part of a financial restructuring that will result in lower debt service, according to the company, the leading provider of electronic funds transfer services for credit unions.

Cardtronics is the leading operator of ATMs in the U.S. and connects its 28,000 ATMs to the CO-OP Financial and Credit Union 24 networks, as well as Financial Service Cooperative Centers shared branching network.

 

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