Workiva talks $525 million five-year convertible notes to yield 1%-1.5%, up 27.5%-32.5%

By Abigail W. Adams

Portland, Me., Aug. 14 – Workiva Inc. plans to price $525 million of five-year convertible notes after the market close on Monday with price talk for a coupon of 1% to 1.5% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

Goldman Sachs & Co. LLC is sole bookrunner for the Rule 144A offering, which carries a greenshoe of $75 million.

The notes are non-callable for three years and then subject to a 130% hurdle.

There is takeover and dividend protection.

Workiva will enter into privately negotiated transactions with holders of its 1.125% notes due 2026 to repurchase a portion of the outstanding amount for cash.

Proceeds will be used to fund the repurchase of the 1.125% notes and for general corporate purposes, which may include acquisitions or investments in complementary businesses, assets, products or technologies.

Workiva is a New York-based financial reporting software company.

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