Concur greenshoe fully exercised, lifts convertibles to $287.5 million

By Devika Patel

Knoxville, Tenn., April 5 - Underwriters for Concur Technologies Inc.'s offering of 2.5% five-year convertible senior notes exercised their over-allotment option in full for $37.5 million more of the convertibles, increasing the size of the issue to $287.5 million, the company said in an 8-K filed Monday with the Securities and Exchange Commission.

As previously reported, the company sold the convertibles at par on March 31 in a Rule 144A offering, via joint bookrunners Goldman Sachs & Co. and Deutsche Bank Securities Inc.

The convertibles have a conversion premium of 25% and an initial conversion price of $52.35, which equals a conversion ratio of 19.1.

There are no calls or puts.

The bonds have contingent conversion at 130% from day one, and the notes include net share settlement.

Proceeds are for general corporate purposes, including potential acquisitions and strategic transactions, and to fund the cost of convertible note hedge transactions.

Fenwick & West LLP was the company's counsel for the offering, the 8-K disclosed.

Concur is a Redmond, Wash., provider of on-demand Employee Spend Management services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.