MODN - Model N launches $220M of convertible senior notes due 2028

2023-03-08 05:23:28 ET

• Model N ( NYSE: MODN ) to offer $220M of convertible senior unsecured notes due March 15, 2028 in a private placement.
• The company intends to grant the initial purchasers an option to purchase up to an additional $33M of notes.
• Interest on the notes will be payable semi-annually in arrears.
• Model N intends to use a portion of the net proceeds to repurchase for cash a portion of its 2.625% Convertible Senior Notes due 2025.
• Therefore, with the pricing of the notes, the company expects to enter into separate and individually negotiated transactions with certain holders of its 2025 notes to repurchase a portion of the 2025 notes.
• No assurance can be given as to how much, if any, of these 2025 notes will be repurchased or the terms on which they will be repurchased.
• Shares down 2.3% PM.

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