$250m (+37.5m) sen unsec cb coming tonight from BAC/JPM/WFC. Terms 7y, 0.75%-1.25%, up 22.5-27.5% full pctns. UOP = note hedge/$30 stock buyback/repay revolver. Domestic operator of 52900 ATMs (incl 2200 multi-function financial services kiosks). Stock +82% ytd vs. 31% NSDQ. PF Cash = 19m, debt = 551m, LTM EBITDA = 197m, FCF = 107m, lev = 2.8x. S&P BB+ (reiterated stable rating), Moodys Ba2. Co does have HY debt but too s/dated to extrapolate from. We’d assume L+350 for 7y. ADV = 250k, no leaps, 100d vol = 28%. Again, we would find it hard to argue >25 vol assumption (low gamma 7y structure w/thin stock). Theo = 95.6/98.1/100.7. Mkt needs solid BB+ credits & offers an interesting equity play for O/R. In model, this does not work off CHEAPs but directional players will control pricing.