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NortonLifeLock To Buy Back Convertible Notes Held By Bain Capital & Silver Lake

NortonLifeLock Inc. (NLOK) said it agreed to repurchase $625 million in aggregate principal amount of 2% convertible unsecured senior notes due 2022. The company will pay Bain Capital and Silver Lake an aggregate of $1.18 billion, representing $19.25 per underlying share. Following this, the company will have over $1.1 billion of cash and no debt maturities until the end of fiscal year 2022.

"The company is repurchasing a portion of the convertible notes held by Bain Capital and Silver Lake, which accelerates our objective of reducing diluted share count. We have always been focused on our long-term commitment of $1.50 EPS, and this note repurchase is yet another step in our plan to deliver on it," said Vincent Pilette, CEO of NortonLifeLock.

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