Euronet Worldwide Bond Sale Could Raise $392 Million

Euronet Worldwide, the global electronic-payments processor based in Leawood, has announced plans to raise as much as $392 million in through an offering of convertible senior notes. The offering is expected to close on Wednesday, with Band of America Merrill Lynch and Wells Fargo Securities jointly serving as book-running managers.

Carrying a 1.5 percent interest rate, the notes will represent unsecured obligations that will be outranked in right of payment by secured creditors, the company said in a release. The notes will mature on October 1, 2044, unless earlier repurchased, redeemed or converted.

The company intends to use net proceeds from the offering—about $340.8 million in all, but potentially $392.0 million if initial purchasers exercise options to purchase additional notes—to buy back $65.0 million of its common stock.

If executed, that repurchase would bring to $165 million the total stock buy-back the company has undertaken recently.

Founded in 1994, Euronet Worldwide has grown rapidly to become a leader in processing secure electronic financial transactions, and now has clients in 155 countries. It offers payment and transaction processing for financial institutions, retailers, service providers and individual consumers.