NortonLifeLock to buy back $625 million of 2% convertibles due 2022

By Marisa Wong

Los Angeles, May 18 – NortonLifeLock Inc. said it is repurchasing $625 million of its 2% convertible senior notes due 2022 held by Bain Capital Private Equity and Silver Lake for a total of $1.18 billion.

The purchase price represents $19.25 per underlying share into which the notes are convertible, accrued interest through the settlement date and a portion of a cash dividend declared on May 14, according to a press release.

The note repurchase reduces dilution by about 30 million shares as of Friday’s closing price of $20.02. Following this transaction, NortonLifeLock will have more than $1.1 billion of cash and no debt maturities until the end of fiscal year 2022.

The cyber security company is based in Tempe, Ariz.

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