By Abigail W. Adams
Portland, Me., Dec. 2 – Xero Investments Ltd. priced an upsized $700 million, from $600 million, 0% convertible bonds due 2025, according to a listing announcement with the Singapore Exchange Securities Trading Ltd.
Goldman Sachs International and Morgan Stanley & Co. International plc were joint bookrunners for the Regulation S offering.
The notes will be settled in cash unless the issuer elects to settle the conversion physically with shares.
In connection with the pricing of the notes, Xero entered into capped call transactions.
Proceeds of the new notes will be used to fund the cost of the new call spread and repurchase Xero’s existing 2023 convertible notes through a reverse bookbuilding process.
Remaining proceeds will be used to finance potential acquisitions and strategic investments and for general corporate purposes.
Xero is a Wellington, New Zealand-based cloud-based accounting software company.
| Issuer: | Xero Investments Ltd.
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| Securities: | Convertible bonds
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| Amount: | $700 million
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| Maturity: | 2025
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| Bookrunners: | Goldman Sachs International and Morgan Stanley & Co. International plc
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| Coupon: | 0%
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| Settlement date: | Dec. 2
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| Distribution: | Regulation S
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| Stock symbol: | ASX: XRO
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| Market capitalization: | A$19.16 billion
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