Procore plans private placement of USD 750 million convertible senior notes due 2031

Procore announced a proposed private placement of USD 750 million Convertible Senior Notes due 2031 to qualified institutional buyers under Rule 144A.

• Net proceeds are earmarked for the DroneDeploy acquisition, capped call transactions, concurrent stock repurchases, and general corporate purposes.
• The company expects to use up to USD 175 million to repurchase common stock concurrent with pricing in privately negotiated transactions.
• The notes, plus any shares issuable on conversion, will be unregistered under the Securities Act.