CPI Card Group Inc. announced the commencement of a private offering by its wholly-owned subsidiary, CPI CG Inc. (the issuer), of $285 million aggregate principal amount of senior secured notes due 2029 . The offering is subject to market and other conditions, and there is no assurance that the offering will be completed or, if completed, the terms on which it will be completed. The issuer intends to use the net proceeds from the offering, together with cash on hand, to redeem all of the issuer?s outstanding 8.625% senior secured notes due 2026 (the 2026 notes) and to pay related fees, premiums and expenses.

The notes are expected to be general senior secured obligations of the issuer and guaranteed by the Company and all of its current and future wholly-owned domestic subsidiaries (other than the issuer) and will be secured by substantially all of the assets of the issuer and the guarantors, subject to customary exceptions.