SailPoint convertibles are now only convertible into cash

Chicago, Aug. 16 – SailPoint Technologies Holdings Inc.’s 0.125% convertible senior notes due 2024 are now only convertible into cash, according to an 8-K filed with the Securities and Exchange Commission.

A supplemental indenture for the notes was entered into on April 10 as a result of the acquisition of the company by Thoma Bravo in a take-private transaction.

Per the supplemental indenture, the consideration due upon conversion of each $1,000 note will now be the conversion rate then in effect multiplied by $65.25. The $65.25 price is the price per share from the acquisition.

The conversion rate may be increased.

It was additionally noted that SailPoint terminated the capped call transactions with each capped call counterparty for an agreed cash payment on the closing date of the acquisition.

SailPoint is an Austin, Tex.-based enterprise identity security company. The buyout of the company was valued at around $6.9 billion.

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