TTGT - TechTarget prices $360M senior convertible notes offering

TechTarget (TTGT +0.9%) prices private offering of $360M aggregate principal amount of its convertible senior notes due 2026. Company has granted the initial purchasers of the notes a 13-day option to purchase up to an additional $54M aggregate principal amount of notes on the same terms and conditions. Sale is expected to close on December 13, 2021. The conversion rate will initially be 7.6043 shares of TechTarget's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $131.50 per share. The initial conversion price represents a premium of ~37.5% to the $95.64 per share closing price of on December 8, 2021. Net proceeds to fund the cash consideration payable in respect of the repurchases or exchanges of 0.125% convertible senior notes due 2025.

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TechTarget prices $360M senior convertible notes offering