By Stephanie N. Rotondo
Seattle, June 16 – PROS Holdings Inc. priced a $106.25 million Rule 144A offering of 2% convertible senior notes due 2047 at $880 each, the company said in a press release.
The convertible bonds have a $1,000 par value.
The notes are convertible into cash, common stock, or a combination of both, at the company’s option. The initial conversion rate is 20.5624 shares per each $1,000 of notes, equal to an initial conversion price of $48.63.
The conversion price represents a 75% initial conversion premium over the June 15 closing share price of $27.79.
The notes become putable on June 1, 2022.
Proceeds will be used for general corporate purposes, which may include acquisitions or other strategic transactions, working capital and capital expenditures, and possible debt repayment.
PROS is a Houston-based cloud software company focused on commerce.
| Issuer: | PROS Holdings Inc.
|
| Securities: | Convertible senior notes
|
| Amount: | $106.25 million
|
| Maturity: | June 1, 2047
|
| Coupon: | 2%
|
| Price: | $880
|
| Par: | $1,000
|
| Put option: | On June 1, 2022 at the accreted principal amount plus accrued interest
|
| Conversion premium: | 75%
|
| Conversion price: | $48.63
|
| Conversion rate: | 20.5624 shares
|
| Pricing date: | June 15
|
| Settlement date: | June 21
|
| Distribution: | Rule 144A
|
| Stock symbol: | NYSE: PRO
|
| Stock price: | $27.79 as of June 15 close
|
| Market capitalization: | $838.974 million
|
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