New Issue: Euronet sells upsized $125 million convertible at 1.625% yield, up 42%

Nashville, Dec. 10 - Euronet Worldwide Inc. sold an upsized $125 million of 20-year convertible senior notes at par to yield 1.625% with a 42% initial conversion premium via sole bookrunner Banc of America Securities LLC.

The quick-sale Rule 144A deal, upped from $100 million, sold in the middle area of yield talk for a 1.5% to 2.0% coupon and at the aggressive end of premium guidance of 37% to 42%.

Leawood, Kan.-based Euronet, which provides electronic payment services, intends to use proceeds of the offering to reduce outstanding debt by about $54.3 million and the remainder for general corporate purposes, which may include share repurchases, acquisitions or other strategic investments.

Terms of the deal are:

Issuer:	Euronet Worldwide Inc.
Issue:	Convertible senior notes
Bookrunner:	Banc of America Securities LLC
Amount:	$125 million, upped from $100 million
Greenshoe:	$15 million, unchanged
Maturity:	Dec. 20, 2024
Coupon:	1.625%
Price:	Par
Yield:	1.625%
Conversion premium:	42%
Conversion price:	$33.63
Conversion ratio:	29.7392
Contingent conversion:	130%
Contingent payment:	120%
Dividend protection:	Yes
Takeover protection:	Yes
Call:	Non-callable for 7 years
Put:	In years 7, 10 and 15
Price talk:	1.5-2.0%, up 37-42%
Pricing date:	Dec. 9, after market close
Settlement date:	Dec. 15
Distribution:	Rule 144A

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