NICE talks $400 million five-year convertibles at 0%, up 30%-35%

Chicago, Aug. 24 – NICE Ltd. is planning to price $400 million of 0% convertible senior notes due Sept. 1, 2025 after the market close on Monday with an initial conversion premium of 30% to 35%, according to a market source.

There is a $60 million greenshoe for 13 days from the closing date.

BofA Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are joint bookrunners for the Rule 144A issue.

The notes are non-callable until Sept. 21, 2023 and then subject to a 130% hurdle with a make-whole call.

The notes are non-putable.

Conversions will be settled with cash, American Depositary Shares or a combination.

Proceeds will be used for general corporate purposes, which may include repayment of the company’s term loan under its credit agreement at or prior to maturity in December 2021.

NICE is a Hoboken, N.J.-based provider of enterprise software solutions.

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