BlackLine, Inc. (BL), an enterprise software company, Wednesday said it has upsized and priced the offering of $600 million 1.00 percent convertible senior notes due 2029.
The offering of the notes in a private placement to qualified institutional buyers, upsized from $500 million, and is expected to close on May 24, 2024.
The notes, to be matured on June 1, 2029, will have an initial conversion rate of 14.6047 shares per $1,000 principal amount of notes. This is equivalent to an initial conversion price of approximately $68.47 per share, a premium of about 30 percent over the closing share price of BlackLine shares on May 21.
BlackLine intends to use net proceeds from this offering of approximately $535.2 million, together with cash on hand, for the repurchase of nearly $919.8 million principal amount of its outstanding 0.00 percent Senior Notes due 2026 at an aggregate repurchase price of about $848.5 million.
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