i3 Verticals to repay borrowings with proceeds from exchangeables

By Marisa Wong

Los Angeles, Feb. 13 – i3 Verticals, Inc. said it plans to repay outstanding borrowings under its senior secured credit facility using proceeds from an offering of exchangeable senior notes.

Subsidiary i3 Verticals, LLC priced $120 million of 1% exchangeable notes due 2025, according to a Thursday press release.

The company said that if the underwriters of the new notes offering decide to exercise their $18 million over-allotment option, the additional proceeds will be used to repay more outstanding debt under the credit facility.

i3 Verticals is an electronic payment and software company based in Nashville.

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