CPI Card Group (PMTS) has shared an update.
On July 11, 2024, CPI Card Group Inc. successfully completed a private offering of $285 million in 10% senior secured notes due 2029, utilizing the proceeds along with cash on hand to redeem existing notes and cover related costs. These notes, secured by guarantors and assets, are prioritized in the company’s debt structure and come with covenants that limit certain financial actions by the company. Additionally, the company entered into a new asset-based revolving credit facility, which provides further financial flexibility with borrowing capacity up to $75 million, subject to certain conditions and secured by company assets. This strategic financial move is aimed at strengthening CPI Card Group Inc.’s financial position for the future.
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