Cardtronics Seeking To Raise $115M

Credit Union Journal, The, October, 2007

Cardtronics, one of the main EFT gateways for credit unions, said it plans to raise as much as $115 million through an IPO. The operator of 30,000 ATMs said it will use most of the proceeds from the offering, $106 million worth, to repay debt from its revolving credit facility. The company expects to offer as many as 8.3-million shares for between $14 and $16 each. As part of the IPO, the company's two major shareholders also plan to sell an undetermined number of shares. That includes venture funds CapStreet LLP of Houston, which owns about 34% of the company, and TA Associates of Boston, which owns almost 30%. Cardtronics provides electronic funds transfer services to a majority of CUs, either through CO-OP Financial Services, Financial Services Centers Cooperative, or Credit...

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