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

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 million.

"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 perspective."

"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 marketplace."

"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 http://www.aequitasadvisorsllc.com

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
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David Pritchard, Principal
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Jonathan Cunningham, Principal
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