RealPage greenshoe exercised, raising convertibles to $345 million

New York, May 23 – RealPage, Inc. said it completed a $345 million offering of 1.5% convertible senior notes due 2022, including full exercise of the $45 million over-allotment option.

The greenshoe was exercised by the underwriters on May 18, according to a news release.

RealPage originally priced $300 million of the convertibles after the close on May 17 with a 27.5% initial conversion premium.

The deal came at the cheap end of talk for a 1% to 1.5% yield and a premium of 27.5% to 32.5%.

Morgan Stanley & Co. LLC and BofA Merrill Lynch were the joint bookrunners for the Rule 144A sale.

Proceeds will be used for convertible note hedge and warrant transactions and for general corporate purposes, which may include financing potential future acquisitions.

RealPage is a Richardson, Texas-based provider of software and data analytics to the real estate industry.

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