By Sheri Kasprzak
New York, Feb. 12 - Verint Systems Inc. closed a private placement of convertible preferred stock for $293 million.
The company sold 4.25% perpetual preferred stock to Comverse Technology, Inc. The preferreds are convertible at a 12.5% premium to the weighted average of Verint's shares during the 25 days before closing.
The proceeds from the offering will be used to finance a portion of Verint's planned acquisition of Witness Systems for $27.50 per share.
Verint Systems, based in New York, provides analytic software-based products for security and business intelligence.
| Issuer: | Verint Systems Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $293 million
|
| Dividends: | 4.25%
|
| Conversion price: | 12.5% premium to the 25-day weighted average price
|
| Warrants: | No
|
| Investor: | Comverse Technology, Inc.
|
| Settlement date: | Feb. 12
|
| Stock symbol: | Pink Sheets: VRNT
|
| Stock price: | $32.06 at close Feb. 9
|
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