LPSN - LivePerson repurchases 68% of its outstanding convertible notes due 2024
2023-03-23 09:32:45 ET
- LivePerson ( NASDAQ: LPSN ) repurchased ~$157.5M in principal amount of its outstanding 0.75% Convertible Senior Notes due 2024.
- Overall, the company paid ~$149.7M in cash through separate and individually negotiated transactions with certain institutional holders to retire the notes.
- Post repurchase closure, ~$72.5M of the notes will remain outstanding.
- For the note repurchases, the company expects to unwind a proportional amount of the capped call options associated with the notes.
- "Since we launched our 2022 plan to adopt a balanced approach to profitability and growth, we have reduced our cost structure by approximately $200M in annualized costs. Consistent with this theme, repurchasing 68% of the Notes at a considerable discount preserves capital and strengthens our credit profile," CFO John Collins commented.
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LivePerson repurchases 68% of its outstanding convertible notes due 2024