Welcome to our dedicated page for CPI Card Group news (Ticker: PMTS), a resource for investors and traders seeking the latest updates and insights on CPI Card Group stock.
CPI Card Group Inc. (symbol: PMTS) is a leading payment technology company that specializes in providing comprehensive financial payment card solutions and services. With a strong focus on quality and customer service, CPI Card Group has built a solid reputation in the market. The company offers a wide range of products including credit, debit, and prepaid cards, catering to the needs of card-issuing banks and prepaid debit card program managers in the United States.
CPI Card Group operates through two main business segments:
- Debit and Credit: This segment produces financial payment cards and provides integrated card services, making it a significant revenue contributor.
- Prepaid Debit: This segment offers integrated card services to prepaid debit card program managers in the United States.
With over 20 years of experience in the payments market, CPI Card Group continues to grow, achieving a card production volume exceeding 1.3 billion annually. The company serves its customers from nine locations across the United States, Canada, and the United Kingdom, boasting the largest network of certified high-security facilities in North America.
CPI Card Group is committed to innovation, offering cutting-edge mobile technologies and fulfillment services. Recent achievements include advancements in card personalization and the expansion of its high-security facilities to meet increasing demand.
For investors and stakeholders looking for the latest updates and relevant information about the company's performance, events, and developments, CPI Card Group remains a trusted and reliable entity in the financial payment card industry.
CPI Card Group (Nasdaq: PMTS) has successfully closed a private offering of $285 million in senior secured notes due 2029, with a 10.000% interest rate. Concurrently, CPI has entered into a new $75 million secured asset-based revolving credit facility (ABL revolver), replacing the previous $75 million facility. The proceeds from the notes, combined with cash on hand, were used to redeem the company's outstanding 8.625% senior secured notes due 2026 and cover related costs. The notes are guaranteed by CPI and its domestic subsidiaries, with the offering available only to qualified institutional buyers and certain non-U.S. persons.
CPI Card Group has announced the pricing of a private offering of $285 million in 10.000% senior secured notes due 2029, scheduled to close on July 11, 2024. The proceeds will be used to redeem the company's 8.625% senior secured notes due 2026, covering associated fees and expenses. These notes will be senior secured obligations guaranteed by CPI and its domestic subsidiaries, and secured by most of their assets. The offering is restricted to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S.
CPI Card Group announced a private offering of $285 million in senior secured notes due 2029 through its subsidiary, CPI CG. The proceeds will be used to redeem the company’s 8.625% senior secured notes due 2026 and cover related costs. This offering, targeting institutional buyers, is subject to market conditions and may not be completed. The notes will be guaranteed by CPI and its domestic subsidiaries, and will be secured by most of their assets. The offering is private and not registered under the Securities Act. No public offer or solicitation is involved.
CPI Card Group has been recognized with the 2024 Élan Award of Excellence in the People’s Choice category by the International Card Manufacturers Association (ICMA) for its innovative LED Card. The award was announced at the ICMA Expo in Orlando, Florida, held from May 13 to 16. The LED Card features embedded LEDs that illuminate when near a contactless reader, offering interactive feedback during transactions. This award reflects the industry and public appeal of CPI’s LED cards. Toni Thompson, Head of Operations, expressed gratitude for the team's dedication to innovation.
CPI Card Group Inc. reported a 7% decrease in net sales to $112 million, a 50% decrease in net income to $5 million, and an 8% decrease in Adjusted EBITDA to $23 million in the first quarter of 2024. Despite the declines, all metrics improved from the previous quarter. The company foresees a gradual market recovery in 2024 and affirmed its full-year net sales and Adjusted EBITDA outlook. CPI continues to lead in eco-focused payment cards and Software-as-a-Service-based instant issuance solutions in the U.S. market.
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