LivePerson talks $150 million five-year convertible notes to yield 0.625%-1.125%, up 30%-35%

By Abigail W. Adams

Portland, Me., Feb. 26 – LivePerson, Inc. plans to price $150 million of five-year convertible notes after the market close on Wednesday with price talk for a coupon of 0.625% to 1.125% and an initial conversion premium of 30% to 35%, according to a market source.

J.P. Morgan Securities LLC and Barclays are the joint bookrunners for the Rule 144A offering, which carries a greenshoe of $22.5 million.

The notes are non-callable and have no put features. There is takeover and dividend protection.

In connection with the pricing of the convertible notes, LivePerson will enter into capped call transactions.

Proceeds will be used to cover the cost of the call spread and for general corporate purposes, which may include acquisitions or other strategic transactions.

LivePerson is a New York-based technology company specializing in the development of products for online messaging, marketing and analytics.

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