PAR Tech enters $90M credit facility to fund TASK acquisition; close expected July 18

PAR TECHNOLOGY CORP

Initial aggregate principal amount of $90.0 million term loan from Blue Owl Capital-led lender group.
Proceeds to partially fund TASK Group Holdings acquisition; all conditions satisfied, close on July 18, 2024.
Interest rate: ABR + 3.50-4.50% or SOFR + 4.50-5.50% based on total net annual recurring revenue leverage ratio.
Maturity on July 5, 2029 or earlier upon maturity of 2027 Convertible Senior Notes.
Financial covenants: minimum liquidity $20M, total net ARR leverage ratio ≤ 1.25x; secured by substantially all assets.

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