Cardtronics Refis Through Swap Of Junk Bonds
HOUSTON – Cardtronics said yesterday it has received tenders for $97.6 million of its 9.25% Series A senior subordinated notes and is calling the remainder of the $200 million outstanding of the junk bonds.
The ATM provider will finance the call of the notes, which helped fund its 2007 acquisition of 7-Eleven’s fleet of 5,700 ATMs, with lower-rate 8.25% senior subordinated notes due 2018.
The Series A Notes will be redeemed on Sept. 27 at a redemption price of 102.313% of the principal amount thereof, plus accrued and unpaid interest to that date.
Cardtronics is a key provider of ATM services for credit unions with connections to CO-OP Financial Services, Credit Union 24 and Financial Service Center Cooperative shared branch network.