Nayax Announces the Completion of a Notes and Warrants Offering in Israel
Nayax (NYAX) has successfully completed a Notes and Warrants Offering in Israel, raising NIS 496.5 million (approximately $137.1 million) through the sale of 486,291 units. The offering was oversubscribed by 93.3%. Each unit consisted of NIS 1,000 principal amount of Notes and three Warrants.
The Notes, maturing on September 30, 2030, carry a 5.9% fixed annual interest rate and will be repaid in four annual payments starting September 2027. The Warrants are exercisable into Ordinary Shares at NIS 177.80 per share until March 31, 2027.
The company plans to use the net proceeds of approximately $134.3 million for general corporate purposes, including debt repayment and potential acquisitions. The offering includes covenants requiring Nayax to maintain minimum equity of $80 million and an Equity/Assets Ratio of at least 21%.
Nayax (NYAX) ha completato con successo un'Offerta di Note e Warrant in Israele, raccogliendo NIS 496,5 milioni (circa 137,1 milioni di dollari) attraverso la vendita di 486.291 unità. L'offerta è stata sovrascritta del 93,3%. Ogni unità consisteva in un importo principale di NIS 1.000 di Note e tre Warrant.
Le Note, che scadranno il 30 settembre 2030, hanno un tasso d'interesse fisso annuale del 5,9% e saranno rimborsate in quattro pagamenti annuali a partire da settembre 2027. I Warrant possono essere esercitati per azioni ordinarie a NIS 177,80 per azione fino al 31 marzo 2027.
La società prevede di utilizzare i proventi netti di circa 134,3 milioni di dollari per scopi aziendali generali, inclusi il rimborso del debito e potenziali acquisizioni. L'offerta include clausole che richiedono a Nayax di mantenere un capitale minimo di 80 milioni di dollari e un rapporto Patrimonio/Attivi di almeno il 21%.
Nayax (NYAX) ha completado con éxito una Oferta de Notas y Warrants en Israel, recaudando NIS 496,5 millones (aproximadamente 137,1 millones de dólares) a través de la venta de 486.291 unidades. La oferta fue sobreejecutada en un 93,3%. Cada unidad consistía en un monto principal de NIS 1.000 en Notas y tres Warrants.
Las Notas, que vencen el 30 de septiembre de 2030, tienen una tasa de interés anual fija del 5,9% y se pagarán en cuatro pagos anuales a partir de septiembre de 2027. Los Warrants son ejercitables en Acciones Ordinarias a NIS 177,80 por acción hasta el 31 de marzo de 2027.
La empresa planea utilizar los ingresos netos de aproximadamente 134,3 millones de dólares para fines corporativos generales, incluyendo el pago de deudas y posibles adquisiciones. La oferta incluye convenios que requieren que Nayax mantenga un patrimonio mínimo de 80 millones de dólares y una relación Patrimonio/Activos de al menos el 21%.
Nayax (NYAX)는 이스라엘에서 성공적으로 노트 및 워런트 제공을 완료하여 NIS 496.5백만 (약 1억 3,710만 달러)를 486,291개 유닛 판매를 통해 모금했습니다. 이번 제공은 93.3% 초과 신청되었습니다. 각 유닛은 NIS 1,000의 원금 노트와 세 개의 워런트로 구성되어 있습니다.
노트는 2030년 9월 30일 만료되며, 연 5.9% 고정 이자율을 가지고 있으며, 2027년 9월부터 시작되는 네 번의 연간 지급으로 상환됩니다. 워런트는 2027년 3월 31일까지 주당 NIS 177.80에 보통주로 행사할 수 있습니다.
회사는 약 1억 3,430만 달러의 순수익을 일반 기업 목적, 부채 상환 및 잠재적 인수 등을 위해 사용할 계획입니다. 이번 제공에는 Nayax가 최소 8천만 달러의 자본을 유지하고 자본/자산 비율을 최소 21% 이상으로 유지해야 한다는 약정이 포함되어 있습니다.
Nayax (NYAX) a réussi à réaliser une Offre de Notes et de Warrants en Israël, levant NIS 496,5 millions (environ 137,1 millions de dollars) grâce à la vente de 486.291 unités. L'offre a été sursouscrite à hauteur de 93,3 %. Chaque unité se composait d'un montant principal de NIS 1.000 de Notes et de trois Warrants.
Les Notes, arrivant à échéance le 30 septembre 2030, portent un taux d'intérêt fixe annuel de 5,9% et seront remboursées en quatre paiements annuels à partir de septembre 2027. Les Warrants peuvent être exercés en actions ordinaires à NIS 177,80 par action jusqu'au 31 mars 2027.
L'entreprise prévoit d'utiliser les produits nets d'environ 134,3 millions de dollars à des fins générales d'entreprise, y compris le remboursement de dettes et des acquisitions potentielles. L'offre comprend des engagements exigeant que Nayax maintienne un capital minimum de 80 millions de dollars et un ratio Équité/Actifs d'au moins 21%.
Nayax (NYAX) hat erfolgreich ein Angebot von Notes und Warrants in Israel abgeschlossen und NIS 496,5 Millionen (ungefähr 137,1 Millionen Dollar) durch den Verkauf von 486.291 Einheiten gesammelt. Das Angebot war um 93,3% überzeichnet. Jede Einheit bestand aus einem Nennbetrag von NIS 1.000 in Notes und drei Warrants.
Die Notes, die am 30. September 2030 fällig werden, haben einen festen jährlichen Zinssatz von 5,9% und werden in vier jährlichen Zahlungen ab September 2027 zurückgezahlt. Die Warrants können bis zum 31. März 2027 in Stammaktien zu einem Preis von NIS 177,80 pro Aktie ausgeübt werden.
Das Unternehmen plant, die netto Einnahmen von etwa 134,3 Millionen Dollar für allgemeine Unternehmenszwecke, einschließlich der Rückzahlung von Schulden und potenziellen Akquisitionen, zu verwenden. Das Angebot umfasst Klauseln, die Nayax verpflichten, ein Mindestkapital von 80 Millionen Dollar und ein Verhältnis von Eigenkapital zu Vermögenswerten von mindestens 21% aufrechtzuerhalten.
- Strong investor demand with 93.3% oversubscription
- Substantial capital raise of $137.1M strengthens financial position
- Structured repayment schedule with majority of principal due 2029-2030
- Warrants issued at 37% premium to market price
- Additional debt burden with 5.9% interest rate
- Restrictive covenants limiting financial flexibility
- Potential dilution from warrant exercises
- Interest rate may increase if company fails to meet financial metrics
Insights
Nayax's successful completion of a $137.1 million Notes and Warrants offering represents a significant capital raise that strengthens its financial position while adding new debt obligations. The 93.3% oversubscription demonstrates strong investor confidence in the company's prospects, particularly noteworthy given current market conditions.
The financing structure balances immediate capital needs with manageable repayment terms. The principal repayment schedule is back-loaded, with 80% of principal due in the final two years (2029-2030), providing Nayax operating flexibility in the near term. The 5.9% fixed interest rate appears reasonable given the current rate environment and the company's risk profile.
Importantly, this offering includes financial covenants requiring Nayax to maintain minimum equity of $80 million and an equity-to-assets ratio of at least 21%. The dividend restrictions (requiring $120 million equity and 29% equity-to-assets ratio) protect bondholders while still allowing for potential shareholder returns if financial targets are met.
The stated use of proceeds for "general corporate purposes including repayment of debt and potential acquisitions" provides strategic optionality. Debt refinancing could improve the company's interest expense profile, while the potential for acquisitions signals continued growth ambitions. However, investors should note that successful deployment of this capital toward accretive investments will be important to justify the added leverage.
HERZLIYA, Israel, March 10, 2025 (GLOBE NEWSWIRE) -- Nayax Ltd. (Nasdaq: NYAX; TASE: NYAX) (the "Company") announced today, further to its announcements of February 13, 2025, and March 7, 2025, that the Company completed a Notes and Warrants Offering in Israel (the “Notes” and the "Warrants", respectively and together, the “Securities”).
General
The Securities were offered in units, with each unit consisting of NIS 1,000 principal amount of Notes and three Warrants (the “Unit”). The Company sold 486,291 Units at a price of NIS 1,021 per Unit, for aggregate gross proceeds of NIS 496.5 million (approximately
Use of Proceeds
The net proceeds from the Offering, after deduction of commissions, fees and expenses, will be approximately NIS 486.2 million (approximately
Terms of the Notes
The Notes are non-linked, bear a fixed annual interest rate of
Terms of the Warrants
Each Warrant is exercisable into one Ordinary Share of the Company, at an exercise price of NIS 177.80 (paid in cash), an approximate
Covenants, Restrictions on Distributions, and Events of Default
In connection with the Offering, the Company undertook, for as long as the Notes are outstanding, to maintain the following ratios (the "Ratios"):
- The Company's Equity (as such term is defined in the related indenture shall be at least
$80 million ; and - The ratio between the Company's Equity and the Company's Assets (excluding cash, cash equivalents, short term bank deposits, restricted cash transferable to customers for processing activity and receivables in respect of processing activity), shall be at least
21% (the "Equity / Assets Ratio").
In addition, the Company agreed not to pay dividends or perform shares buy-backs unless (a) the Company's Equity (excluding the distributed amount) shall be at least
Deed of Trust
As part of the Offering, the Company entered into a Deed of Trust dated March 10, 2025, with Reznik Paz Nevo Trustees Ltd. as trustee for the Notes (the “Indenture”). The Indenture contains standard events of default (including in-compliance with the Ratios) and provisions regarding change of control. A translation of the summary of the material terms of the Indenture, in the form filed with the Israeli Securities Authority, is enclosed herein.
Disclaimers
The Offering was made only in Israel. The Securities offered in the Offering will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation “S” promulgated under the Securities Act) without registration under the Securities Act or an exemption from the registration requirements of the Securities Act. In addition, U.S. Persons may not exercise the Warrants. This announcement does not constitute a solicitation or an offer to buy any securities.
Forward-Looking Statements
This report on Form 6-K contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this report on Form 6-K can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including, but not limited to: our expectations regarding general market conditions, including as a result of global economic trends; changes in consumer tastes and preferences; fluctuations in inflation, interest rate and exchange rates in the global economic environment; general economic, political, demographic and business conditions in Israel, including the ongoing war in Israel that began on October 7, 2023 and global perspectives regarding that conflict; and other risk factors discussed under “Risk Factors” in our annual report on Form 20-F filed with the SEC on March 4, 2025 (our "Annual Report"). The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only estimates based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the risks provided under “Risk Factors” in our Annual Report. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Each forward-looking statement speaks only as of the date of the particular statement. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.
About Nayax
Nayax is a global commerce enablement, payments and loyalty platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and loyalty tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers' growth across multiple channels. As of December 31, 2024, Nayax has 11 global offices, approximately 1,100 employees, connections to more than 80 merchant acquirers and payment method integrations and globally recognized as a payment facilitator. Nayax's mission is to improve our customers' revenue potential and operational efficiency. For more information, please visit www.nayax.com
Public Relations Contact:
Scott Gamm
Strategy Voice Associates
scott@strategyvoiceassociates.com
Investor Relations Contact:
Aaron Greenberg, CSO
aarong@nayax.com
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