Cornerstone OnDemand extends 5.75% convertible notes to 2023

By Wendy Van Sickle

Columbus, Ohio, April 22 – Cornerstone OnDemand Inc. entered into a first supplemental indenture to the Dec. 8, 2017 indenture governing its 5.75% convertible notes due 2021 on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The supplemental indenture extends the convertibles’ maturity to March 17, 2023 and was entered in connection with the company’s acquisition of Saba from Vector Capital for about $1.395 billion, consisting of $1.33 billion in cash, subject to adjustments, and 1,110,352 shares of common stock.

Based in Santa Monica, Calif., Cornerstone is a cloud-based talent management solutions firm that aims to help companies increase workforce productivity.

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