Cardtronics Tries Again at IPO

HOUSTON – Cardtronics Inc., which has become the major provider of electronics funds transfer services for credit unions, said Friday it plans to raise as much as $300 million with an initial public offering. As part of the offering, the company’s two major owners, private equity funds CapStreet LP of Houston and TA Associates of Boston, also plan to sell shares. Proceeds from the offering will be used to repay $103.6 million in debt accrued under the company’s revolving credit agreement. Cardtronics, the world’s largest ATM operator with more than 31,000 cash machines, lost $9.1 million in the first six months of the year and $2.5 million for the same period last year. The company recently floated $100 million in junk bonds to help finance its $135 million purchase of 5,500 ATMs in 7-Eleven convenience stores. The filing of the IPO comes as Cardtronics and Financial Services Centers Cooperatives are about to roll out a connection of 1,700 of the cash machines, all Vcom financial service kiosks, to the shared branch network. The 7-Eleven machines also are connected to the credit union-owned CO-OP Financial Services ATM network. Cardtronics is the parent of the surcharge-free Allpoint National ATM network. Cardtronics, which pulled plans for a 2003 IPO, plans to trade the shares on NASDAQ under the symbol ‘CATM’.