SailPoint to price $300 million five- year convertibles to yield 0.125%-0.625%, up 32.5%-37.5%

By Rebecca Melvin

New York, Sept. 18 – SailPoint Technologies Holdings Inc. plans to price $300 million of five-year convertible notes that were being talked to yield 0.125% to 0.625% with an initial conversion premium of 32.5% to 37.5%, according to market sources on Wednesday.

The Rule 144A deal has a $50 million greenshoe and was expected to price on Thursday.

The notes are non-callable for three years and provisionally callable for two years if shares exceed 130% of the conversion price.

The company plans to enter into capped call transactions with initial purchasers of the notes.

A portion of the proceeds will be used to pay the cost of capped call transactions. Remaining proceeds will be for general corporate purposes, including working capital, operating expenses and capital expenditures.

The cybersecurity software company is based in Austin, Tex.

© 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.