- Envestnet ( NYSE: ENV ) has proposed a private offering of $350M aggregate principal amount of convertible notes due 2027.
- Initial purchasers of the notes will likely be granted an option to purchase, for settlement within a 13-day period, up to an additional $52.5M of the notes solely to cover over-allotments.
- The interest rate, initial conversion rate and other terms of the notes are to be determined at the time of pricing of the offering.
- The company plans to use part of the net proceeds from the offering to repurchase shares of its common stock concurrently with the offering pursuant to privately negotiated transactions and to repurchase a portion of its outstanding convertible notes as described below. A portion will also be used to pay the cost of the capped call transactions.
- ENV shares are down 3% premarket
For further details see:
Envestnet to offer $350M of convertible notes due 2027