j2 Global eyes call of $350 million of 3.25% convertibles due 2029

By Rebecca Melvin

Concord, N.H., April 20 – j2 Global, Inc. plans to call its $350 million 3.25% convertible senior notes due 2029, according to an 8-K filed with the Securities and Exchange Commission.

The convertibles may be redeemed at the option of j2 beginning in June 2021 subject to certain conditions and terms. When and if j2 calls the notes for redemption, it will send a redemption notice in accordance with the terms of the indenture for the notes.

The notes are non-callable until June 20, with puts in years 2021 and 2024.

The announcement was made in tandem with news that the company plans to separate into two independent publicly traded companies, j2 Global Inc. and Consensus, through a spinoff of at least 80.1% of the outstanding shares of Consensus common stock to j2 shareholders. Consensus will primarily comprise the Cloud Fax business that is part of the Cloud Services division of j2.

j2 Global provides internet services and is based in Los Angeles.

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