Euronet buys back $55 million of 1.625% convertibles

By Jennifer Chiou

New York, Oct. 17 - Euronet Worldwide Inc. said it repurchased $55 million of its $140 million 1.625% convertible senior debentures in privately negotiated transactions for a net consideration of $50 million.

The company said it recorded a pre-tax gain of $4.7 million because of the buyback of the notes, which have a first put date of December 2009.

Euronet added that its total debt was reduced to $428 million from $487 million after this repurchase, resulting in an improvement in its debt to adjusted EBITDA ratio to 3.1:1 as of Sept. 30 from 3.5:1 as of June 30 on annualized second-quarter 2008 adjusted EBITDA of $138.4 million.

Euronet is a Leawood, Kan.-based provider of electronic payment services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.