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Shift4 Payments Seeks To Raise $158M Via Secondary Share Sale, $500M Via Private Senior Convertible Note Offering

  • Shift4 Payments Inc (NYSE: FOURproposed to offer 1.8 million shares in a secondary public offering. Certain entities associated with Searchlight Capital Partners, L.P. plans to offer 5.2 million shares.
  • The estimated gross proceed is $157.72 million based on Monday’s closing price of $88.02.
  • The underwriters have a 30-day option to purchase additional shares up to 1.05 million.
  • The offering proceeds will help to purchase LLC interests directly from Shift4 Payments LLC. Shift4 Payments, LLC will use the proceeds from LLC interests for general corporate purposes. 
  • Shift4 will not receive any proceeds from the sale of shares by the selling stockholders.
  • Separately, it also proposed to raise $500 million from senior convertible notes due 2027 in a private institutional offering.
  • The initial purchasers of the notes have a 13-day option to purchase additional notes up to $75 million.
  • The offering proceeds will serve general corporate purposes.
  • The notes will be redeemable on or after Aug. 6, 2024, if the last reported stock price exceeds 130% of the conversion price for a specified period.
  • Price action: FOUR shares closed higher by 4.16% at $91.68 on Tuesday.

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