Shift4 Payments tightens talk on $400 million five-year convertibles to 0%-0.25%, up 42.5% to 45%

By Abigail W. Adams

Portland, Me., Dec. 2 – Shift4 Payments Inc. tightened talk on its $400 million offering of five-year convertible notes, which is slated to price after the market close on Wednesday, to a coupon of 0% to 0.25% and an initial conversion premium of 42.5% to 45%, according to a market source.

Initial price talk was for a coupon of 0.25% to 0.75% and an initial conversion premium of 37.5% to 42.5%.

Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $60 million.

The notes are contingently convertible until Sept. 15, 2025.

The notes are non-callable until Dec. 20, 2023 and then subject to a 130% hurdle.

There is dividend and takeover protection.

Concurrently with the convertible notes offering, certain stockholders will sell 8 million shares in a public offering, which carries a greenshoe of 1.2 million shares.

Proceeds from the convertible notes offering will be used for general corporate purposes.

Shift4 Payments is an Allentown, Pa.-based integrated payment processing company.

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