Aequitas Advisors Completes Successful Consulting Assignment for Cardtronics, Inc.

  Aequitas Advisors Completes Successful Consulting Assignment for
  Cardtronics, Inc.

Client realizes highly competitive terms and settlement provisions on complex
            convertible debt, note hedge and warrant transactions

Business Wire

STAMFORD, Conn. -- January 17, 2014

Aequitas Advisors, LLC, an innovative capital markets consulting practice with
particular expertise in convertible and derivative securities, recently
announced completion of an advisory assignment for Cardtronics, Inc.
Cardtronics, the world's largest non-bank retail ATM owner, retained Aequitas
to assist with its analysis, structuring and execution of a complex
convertible debt financing. This comprehensive process included detailed
review of the company’s objectives, assistance managing/leveraging competitive
dynamics between banks seeking the transaction mandate, extensive negotiation
of deal terms and provisions and active oversight of marketing and pricing.
The result was an efficiently-priced, favorably structured $250 million
Convertible Senior Notes offering with concurrent Note Hedge and Warrant
transactions executed near all-time highs in the stock. Exercise of the
underwriter’s over-allotment option resulted in a final deal size of $287.5

“Aequitas’ extensive bank-side experience and knowledge of the convertible
note and hedge transactions gave us greater confidence in our internal
analysis and engaging with our investment banks at every step of the process,”
said Chris Brewster, chief financial officer, Cardtronics. “Having them
available as an independent resource to members of our management team and
board helped us analyze and challenge issues from a knowledgeable, informed

“Aequitas provided Cardtronics with the tools to help us realize strong
convertible pricing and balanced derivative documentation,” added Todd Ruden,
treasurer and senior vice president of planning, Cardtronics. “Their
involvement also helped us free up other corporate resources.”

Aequitas’ market professionals work in partnership with management and
directors, providing uncompromised advice and oversight throughout a company’s
financing process. It seeks to improve transaction efficiency by monitoring
all facets of security selection, structuring and execution to lower its
clients’ “all-in” cost of capital.

“Unlike many clients, Cardtronics had largely settled on a financing structure
when we were engaged,” said Jonathan Cunningham, co-founding principal of
Aequitas. “But working as members of its deal team, we were still able to
provide insights on capital structure, transaction and marketing mechanics,
syndicate dynamics, derivative structure and risk that enabled the company to
achieve among the most favorable terms, fees and conditions in the

“We were very pleased with the outcome of this financing,” added David
Pritchard, co-founder, Aequitas. “The competitive dynamics between banks and
transaction complexity provided considerable opportunity for us to add value.”

For additional information or a case study of this transaction visit

About Aequitas Advisors, LLC - Aequitas is Stamford, Connecticut-based
consulting firm providing unconflicted advisory services to clients involved
in capital raising, securities exchange or restructuring initiatives. Its
principals possess skills acquired through decades of institutional sales and
transaction management experience and recognize the need for companies to
access such capabilities when engaging in the financial markets.


Aequitas Advisors, LLC
Tel. 203-352-2710
David Pritchard, Principal
Jonathan Cunningham, Principal
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