Tenable prices upsized USD 725 million convertible senior notes offering
TENB•Upsized convertible notes priced
Tenable priced an upsized USD 725 million offering of 0.25% Convertible Senior Notes due 2031 in a Rule 144A private placement.
The deal was increased from the previously announced USD 650 million. Initial purchasers also have a 13-day option to buy up to an additional USD 75 million of notes.
Use of proceeds and conversion terms
Tenable said net proceeds are expected to be about USD 705.6 million, or about USD 778.8 million if the option is exercised in full.
The company said it intends to use the proceeds for USD 58.1 million in capped call costs, a USD 170.5 million share repurchase, term-loan repayment and general corporate purposes.
The notes convert at 22.3005 shares per USD 1,000 principal amount, implying an initial conversion price of about USD 44.84. The capped call cap price is set at USD 64.06.
