HOUSTON – Cardtronics, Inc. said yesterday it has cut the offering price for its planned initial public offering, expected to hit the markets this week.The operator of 30,000 ATMs said it now plans to offers the shares for between $10 to $11, down from the original plan of $14 to $16, but will sell more shares, 12 million, up from a planned 8.3 million. The offering is still expected to net the nation’s largest operator of ATMs around $115 million, most of which it will use to repay debt from its revolving credit facility.
Over the past two years Cardtronics has carved out the dominant role for electronic funds transfers among credit unions, with deals to allow members of both CO-OP Financial Services and Credit Union 24 networks access to its ATM network, as well as with Financial Service Centers Cooperative to use the self-service financial kiosks inside 7-Eleven convenience stores. Cardtronics is also the parent of the Allpoint surcharge-free ATM network, also popular among credit unions.
The Cardtronics shares will trade on the Nasdaq under the symbol CATM.
