Tenable Prices $725 Mln 0.25% Convertible Notes At $44.84/shr
(RTTNews) - Tenable Holdings, Inc. (TENB), an exposure management and cybersecurity company, on Thursday priced an upsized $725 million offering of 0.25% convertible senior notes due 2031.
The initial conversion price is approximately $44.84 per share, representing a premium of about 40% over its September 10 closing price of $32.03.
The sale is expected to close on September 15.
The company said that the offering was increased from the previously announced $650 million.
The notes will mature on September 15, 2031, unless earlier converted, redeemed or repurchased.
The company expects net proceeds of about $705.6 million from the offering, or about $778.8 million if the initial purchasers fully exercise their option to buy additional notes.
The company intends to use about $58.1 million of the proceeds to pay for capped call transactions.
The company also intends to use about $170.5 million to repurchase about 5.3 million common shares.
The remaining proceeds will be used to repay the term loans under its senior secured credit facility and for general corporate purposes, including acquisitions, strategic investments and additional share repurchases.
Tenable closed trading 4.87% lesser at $32.03 on the Nasdaq. In after-hours, the stock further traded 0.81% lesser at $31.77.
