NCR Voyix launches tender offers for senior notes

NEW YORK - NCR (NYSE:VYX) Voyix Corporation (NYSE: VYX), a global provider of digital commerce solutions, announced today the launch of cash tender offers for a portion of its outstanding senior notes, with an aggregate purchase price of up to $1.1 billion, excluding accrued interest. The offer targets three series of notes with varying interest rates and maturity dates, prioritized by acceptance levels.

The tender offers, detailed in the Offer to Purchase dated August 26, 2024, will expire on September 24, 2024, at 5:00 p.m. New York City time, unless extended. To be eligible for the total consideration, which includes an early tender premium, holders must tender their notes by the early tender date of September 9, 2024. Notes tendered after this date but before the expiration will only receive the tender offer consideration plus accrued interest.

The total consideration for the notes includes the early tender premium, with amounts ranging from $975 to $1,000 per $1,000 principal amount of notes, depending on the series. The company intends to fund the tender offers with proceeds from the sale of its Digital Banking segment businesses, a transaction that is currently pending.

The tender offers are subject to certain conditions, including the successful completion of the aforementioned sale of the Digital Banking segment. NCR Voyix reserves the right to amend, extend, or terminate the tender offers, and to waive any conditions, except for the completion of the Digital Banking Sale, which is a mandatory condition.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as dealer managers for the tender offers, while Global Bondholder Services Corporation serves as the tender and information agent.

The announcement is based on a press release statement and does not constitute an offer to buy or a solicitation to sell the notes. The tender offers are made solely by the Offer to Purchase provided to note holders. NCR Voyix has not made any recommendation regarding the tendering of notes in response to the tender offers.

About NCR Voyix:

NCR Voyix Corporation is headquartered in Atlanta, Georgia, and serves customers in over 30 countries, offering digital commerce solutions across retail, restaurant, and digital banking industries.

In other recent news, Singapore-based Primech Holdings Ltd has announced updates to its Form 6-K filing with the U.S. Securities and Exchange Commission. The company made amendments to Exhibit 99.1 in relation to its annual general meeting of shareholders. The purpose of the amendment, which does not affect other parts of the original Form 6-K, is to update the Notice and Proxy Statement for the annual meeting. Primech Holdings Ltd's CEO, Kin Wai Ho, has assured compliance with the Securities Exchange Act of 1934 by signing off on the amendment, although the specifics of the changes remain undisclosed.

In a related development, Primech Holdings Ltd has also announced plans for its annual shareholder meeting. The company disclosed this information in a Form 6-K report, without revealing the specific agenda for the meeting. However, shareholders have been provided with a notice and proxy statement, along with a voting instruction form. The date of the meeting and the resolutions to be tabled are yet to be announced.

These recent developments underscore Primech Holdings Ltd's commitment to transparency and stakeholder engagement. The company continues to adhere to U.S. SEC regulations by providing regular updates on corporate activities through filings like the 6-K.

InvestingPro Insights

As NCR Voyix Corporation navigates its financial restructuring through cash tender offers, it's worth noting the company's current financial health as reflected in recent InvestingPro data and insights. With a strategy that includes the sale of its Digital Banking segment, the company shows a proactive approach to managing its capital structure.

InvestingPro Data for NCR Voyix reveals a P/E Ratio (Adjusted) of -7.73 for the last twelve months as of Q2 2024, indicating that the company may not currently be profitable. This aligns with the fact that the Revenue Growth for the same period was notably negative at -85.52%. However, the quarterly Revenue Growth shows an uptick of 11.4% in Q2 2024, suggesting some recent improvement in sales.

Two InvestingPro Tips provide additional context for investors considering the company's tender offer announcement:

1. NCR Voyix holds more cash than debt on its balance sheet, which could be a strong point in ensuring the success of the tender offers and future financial flexibility.

2. The stock of NCR Voyix generally trades with low price volatility, which might offer some stability for investors amidst the restructuring process.

It's also important to note that NCR Voyix does not pay a dividend to shareholders, which could influence investment decisions for those seeking regular income streams. For a more comprehensive view of NCR Voyix's financial situation and additional InvestingPro Tips, investors can visit https://www.investing.com/pro/VYX, where several more tips are available.

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