DirectCash set to sell C$125 million of seven-year senior notes

By Cristal Cody

Prospect News, July 23 - DirectCash Payments Inc. announced plans on Monday to price C$125 million of seven-year senior notes in conjunction with a C$65 million offering of its common shares.

BMO Capital Markets Corp. is the bookrunner.

The company said the deal will include limited marketing with closing expected on Aug. 8.

The notes will be offered in Canada and under Rule 144A on a private placement basis.

The share deal includes 2.8 million common shares priced at C$23.35 each in an offering expected to close on Aug. 9.

Proceeds from the common shares and the notes will be used to reduce DirectCash's outstanding senior and bridge debt that are related to the recently closed acquisition of Customers Ltd. in Australia and the acquisition of InfoCash Holdings Ltd. in the United Kingdom.

Calgary, Alta.-based DirectCash is a provider of ATMs, debit terminals and prepaid products.

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