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Alteryx greenshoe ups five-, seven-year convertibles to $800 million
By Wendy Van Sickle
Columbus, Ohio, Aug. 12 – Underwriters for Alteryx Inc.’s 0.5% five-year convertible notes and its 1% seven-year convertible notes fully exercised their greenshoe of $50 million per tranche, or $100 million total, lifting the total deal size to $800 million, according to a press release.
Alteryx priced a $350 million tranche of the five-year convertible notes and a $350 million tranche of the seven-year convertible notes after the market close on Aug. 8, as previously reported.
The five-year convertible notes priced at par with an initial conversion premium of 50%.
Price talk was for a coupon of 0.25% to 0.75% and an initial conversion premium of 45% to 50%, according to a market source.
The seven-year convertible notes priced at par with an initial conversion premium of 50%.
Price talk was for a coupon of 0.75% to 1.25% and an initial conversion premium of 45% to 50%.
Morgan Stanley & Co. LLC is the active bookrunner for the Rule 144A offering. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are joint bookrunners.
The notes are non-callable. They are putable upon a fundamental change.
In connection with the pricing of the notes, Alteryx entered into capped call transactions with a cap price of $315.60, representing a premium of 150% over the last reported sales price of stock.
Net proceeds are expected to be $781.2 million with the fully exercised greenshoe.
Approximately $76.4 million of proceeds will be used to cover the cost of the call spread.
Alteryx will issue 2.2 million shares and use $145.4 million of proceeds to retire approximately $145.2 million of the principal amount of its 0.5% convertible notes due 2023 through individually negotiated transactions, according to the press release.
Remaining proceeds will be used for general corporate purposes, which may include acquisitions.
Alteryx is an Irvine, Calif.-based computer software company.
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