Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Workday Inc. > News item |
Workday plans $1 billion sale of convertible senior notes due 2022
By Stephanie N. Rotondo
Seattle, Sept. 11 – Workday Inc. announced a $1 billion Rule 144A offering of convertible senior notes due 2022 after the market closed on Monday.
There is a $150 million over-allotment option.
Conversions will be settled in cash, common stock or a combination of both, at the company’s option. Prior to June 1, 2022 the bonds are convertible only in certain circumstances.
The paper is convertible at any time after that date.
In connection with the offering, the Pleasanton, Calif.-based company expects to ender into convertible note hedge transactions with one or more of the initial purchasers of the notes. Workday also plans to enter into separate warrant transactions with option counterparties.
Proceeds will be used for general corporate purposes; potential repayment, repurchase, or payment of cash amounts due upon conversion of its outstanding 0.75% convertible senior notes due 2018 and 1.5% convertible senior notes due 2020; potential acquisitions and strategic transactions; and to pay the cost of the hedging transactions.
Workday is a provider of financial management and human capital management software.
© 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.