MODN - Model N prices $220M in convertible senior notes offering
2023-03-09 06:55:32 ET
- Model N ( NYSE: MODN ) priced its offering of $220M principal amount of convertible senior notes due 2028 in a private placement.
- Interest on the notes is payable semi-annually in arrears; notes will mature on Mar.15, 2023.
- Initial purchasers granted 13-day period to purchase an additional $33M principal amount of notes.
- The sale of the notes is expected to close on Mar.13, 2023.
- Net proceeds of ~$166.2M to be used for repurchasing for cash ~$138M in principal amount of its 2.625% Convertible Senior Notes due 2025; remaining for working capital and other general corporate purposes.
- Prior to Dec. 15, 2027, the notes will be convertible at the holders option; initial conversion rate is 23.2364 shares of common stock per $1,000 principal amount of notes.
For further details see:
Model N prices $220M in convertible senior notes offering