PAR Technology Corporation (NYSE: PAR) announced it priced a private offering of $250 million in 4.00% convertible senior notes due 2031. The notes will be sold to qualified institutional buyers under Rule 144A of the Securities Act.

The company granted initial purchasers an option to buy up to an additional $15 million in notes during a 13-day period after issuance. The sale is expected to close on March 17, 2026.

The notes will mature on March 15, 2031, with interest payable semiannually on March 15 and September 15. The initial conversion rate is 52.5762 shares per $1,000 principal amount, equivalent to a conversion price of $19.02 per share, representing a 20% premium above the stock's last reported sale price on March 12, 2026.

PAR cannot redeem the notes before March 20, 2029. After that date, the company may redeem all or part of the notes at 100% of principal plus accrued interest if its stock price reaches at least 130% of the conversion price for 20 trading days in any 30-day period.

The company estimates net proceeds of approximately $242.3 million, or $256.8 million if the option is exercised in full. PAR plans to use about $207.5 million to repurchase existing 1.50% convertible notes due 2027, approximately $33.1 million to buy back about 2.09 million shares of common stock, and the remainder for general corporate purposes.

Concurrently with the offering, PAR agreed to repurchase approximately 2.09 million shares from note purchasers at $15.85 per share, matching the stock's last reported sale price on March 12, 2026.