New York, June 21 – Wix.com Ltd. priced an upsized $385 million of 0% convertible senior notes due 2023 with a 35% initial conversion premium, according to a news release.
The deal was increased from a planned $350 million and priced at the rich end of talk for a coupon of 0% to 0.5% and an initial conversion premium of 30% to 35%.
J.P. Morgan Securities LLC and BofA Merrill Lynch are joint bookrunners for the Rule 144A deal, which carries a greenshoe of $57.8 million, increased from $52.5 million.
The notes are non-callable and have no put options. They are contingently convertible until Jan. 1, 2023.
The notes will be settled in cash, shares or a combination of both at the company’s option.
In connection with the pricing, Wix.com will enter into capped call transactions with the initial purchasers and their affiliates. The cap price is $211.30, a 100% premium over the closing stock price.
Proceeds will be used to cover the cost of the call spread and for general corporate purposes.
Wix.com is a New York-based web development platform.
Issuer: | Wix.com Ltd.
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Issue: | Convertible senior notes
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Amount: | $385 million
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Greenshoe: | $57.8 million
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Maturity: | July 1, 2023
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Coupon: | 0%
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Initial conversion premium: | 35%
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Conversion price: | $142.63
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Conversion rate: | 7.0113
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Call: | Non-callable
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Bookrunners: | J.P. Morgan Securities LLC and BofA Merrill Lynch
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Pricing date: | June 21
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Settlement date: | June 26
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Distribution: | Rule 144A
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Stock symbol: | Nasdaq: WIX
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Stock price: | $105.65 at close on June 21
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Market capitalization: | $4.95 billion
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