Welcome to our dedicated page for Priority Technology Hldgs news (Ticker: PRTH), a resource for investors and traders seeking the latest updates and insights on Priority Technology Hldgs stock.
News about Priority Technology Holdings, Inc. (NASDAQ: PRTH) centers on its role as a payments and banking solution provider that enables businesses to collect, store, lend and send funds through a unified commerce engine. The company’s communications emphasize a connected commerce platform that brings together payables, merchant solutions or services, and treasury and banking solutions to streamline financial operations and support business growth.
On this page, readers can review company-issued updates such as quarterly and year-to-date financial results, where Priority discusses revenue trends, adjusted gross profit, operating income, EBITDA, Adjusted EBITDA, and Adjusted EPS. These releases often include definitions and reconciliations of non-GAAP measures and commentary on segment performance across Merchant Solutions, Payables, and Treasury Solutions.
Priority’s news flow also includes announcements of strategic acquisitions and financing arrangements. Recent press releases describe the acquisition of certain assets of Boom Commerce, an existing reseller partner, and the acquisition of substantially all of the assets of DMSJV, LLC (Dealer Merchant Services), a vertically focused reseller in the auto and truck dealership sector. The company has also announced a senior secured delayed draw credit facility tied to receivables related to reseller residuals, as well as amendments and refinancings of its credit and guaranty agreements and a broadly syndicated credit facility.
Another important category of news involves strategic and corporate actions. Priority has disclosed a preliminary, non-binding proposal from an investor group led by its Chairman and Chief Executive Officer to acquire the remaining shares of the company’s common stock not already held by that group. The board formed a special committee of independent and disinterested directors to evaluate this proposal and potential strategic alternatives, and subsequent news has covered the engagement of financial and legal advisors to support that review.
Investors and followers of PRTH can use this news feed to monitor Priority’s financial reporting, capital structure developments, acquisition activity, and board-level evaluations of strategic options, all based on the company’s own press releases and related disclosures.
Priority Technology Holdings (NASDAQ: PRTH) announced the successful completion of a debt refinancing, involving the repayment of approximately $170 million in preferred equity and reducing the cost of outstanding debt by 100 basis points.
The refinance included issuing a new $835 million term loan and setting up a new $70 million revolving line of credit.
The proceeds refinanced the existing $653 million term loan due April 2027, leaving $110 million in preferred equity outstanding.
The expected net leverage ratio post-transaction is approximately 4.5x.
This refinancing is anticipated to increase free cash flow by over $5.5 million and net income available to common shareholders by nearly $20 million annually.
The new debt arrangement extends the term loan maturity to May 2031, providing flexibility to execute on the company's Unified Commerce vision and deliver strong shareholder value.
Priority Technology Holdings, Inc. (NASDAQ: PRTH) reported strong first quarter 2024 financial results with revenue of $205.7 million, an 11.2% increase from the previous year. Adjusted gross profit rose to $76.4 million, up 21.2%, and operating income increased by 66.3% to $28.0 million. The company reaffirmed its full-year 2024 guidance with revenue expected to range between $875 million to $890 million and adjusted EBITDA between $193 million to $198 million.
Priority Technology Holdings, Inc. (NASDAQ: PRTH) will release its first quarter 2024 financial results on Thursday, May 9, 2024, followed by a conference call to review financial and operating results. The company operates at scale with 860,000 active customers and processes $120 billion in annual transaction volume.
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