By Wendy Van Sickle
Columbus, Ohio, Aug. 13 – Workiva Inc. priced $300 million of seven-year 1.125% convertible notes after the market close on Tuesday with an initial conversion premium of 42.5%, according to a press release.
Price talk had been for a coupon of 0.875% to 1.375% and an initial conversion premium of 37.5% to 42.5%, according to a market source.
Goldman Sachs & Co. LLC and SunTrust Robinson Humphrey Inc. are active bookrunners for the Rule 144A offering, which carries a greenshoe of $45 million.
Stifel, Nicolaus & Co. Inc. is a passive bookrunner.
The notes are non-callable for four years and then subject to a 130% hurdle. There is takeover and dividend protection.
Proceeds will be used for general corporate purposes, including acquisitions.
Workiva is an Ames, Iowa-based reporting and compliance solutions company.
| Issuer: | Workiva Inc.
|
| Securities: | Convertible senior notes
|
| Amount: | $300 million
|
| Greenshoe: | $45 million
|
| Maturity: | Aug. 16, 2026
|
| Active bookrunners: | Goldman Sachs & Co. LLC and SunTrust Robinson Humphrey Inc.
|
| Passive bookrunner: | Stifel, Nicolaus & Co. Inc.
|
| Coupon: | 1.125%
|
| Price: | Par
|
| Yield: | 0.75%
|
| Conversion premium: | 42.5%
|
| Conversion price: | $80.16
|
| Conversion rate: | 12.4756
|
| Call options: | Non-callable until Aug. 21, 2023 and then subject to a 130% hurdle
|
| Put options: | Upon fundamental change
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 16
|
| Distribution: | Rule 144A
|
| Talk: | Coupon of 0.875% to 1.375% and an initial conversion premium of 37.5% to 42.5%
|
| Stock symbol: | Nasdaq: WK
|
| Stock price: | $57.04 at market close Aug. 13
|
| Market capitalization: | $2.63 billion
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
