Palo Alto’s $575 million zero coupon notes are convertible to July 31

By Tali Rackner

Norfolk, Va., May 28 – Palo Alto Networks, Inc.’s $575 million of zero coupon convertible senior senior notes due July 1, 2019 are eligible for conversion, according to an 8-K filing with the Securities and Exchange Commission.

The conversion right has been triggered because the closing price of the company’s common stock exceeded 130% of the conversion price for the notes for at least 20 of the 30 consecutive trading days ended on April 30.

As a result, the notes are convertible until July 31.

The company’s stock (Nasdaq: PANW) was trading at $166.90 early Thursday.

Santa Clara, Calif.-based Palo Alto Networks is a network security company.

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