NCR Seeks To Raise $1B Via Debt To Finance Cardtronics Acquisition

Software- and services-led enterprise provider NCR Corp NCR announced its intention to offer senior notes due 2029 and senior notes due 2031 in an aggregate amount of $1 billion, in connection with the previously announced acquisition of Cardtronics PLC CATM.

• NCR acquired Cardtronics for $39 per share in an all-cash transaction valued at $2.5 billion in January.
• The company intended to utilize the offering proceeds along with borrowings under its senior secured credit facilities and its trade receivables securitization facility and cash on hand to finance the Cardtronics acquisition, repay certain Cardtronics debt, and pay related fees and expenses.
• The offering proceeds would be held in escrow until the satisfaction of the escrow release conditions.
• NCR’s cash and cash equivalents amounted to $338 million as of December 31, 2020.
• Cardtronics cash and cash equivalents amounted to $174.2 million as of December 31, 2020. The company’s long-term debt amounted to $773.2 million.
• Price action: NCR shares traded lower by 0.41% at $36.7792, and CATM shares traded higher by 0.28% at $38.75 on the last check Monday.