Perficient pays down revolver with proceeds of 2.375% convertibles

By Wendy Van Sickle

Columbus, Ohio, Sept. 11 – Perficient, Inc. paid down its revolving credit facility with $49 million of proceeds of a new issue of five-year 2.375% convertible notes, according to an 8-K filing with the Securities and Exchange Commission.

The company sold $125 million of the convertibles, plus an $18.75 million greenshoe, for a total deal size of $143.75 million in a sale that settled on Sept. 11.

The company also used $38.8 million of the proceeds to repurchase 1.3 million shares of common stock from the initial purchasers of the convertible notes and $8.6 million to cover some hedge transactions.

The remaining amount will be used for general corporate purposes.

Perficient is an IT consulting services company based in St. Louis.

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