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BlackLine announces USD 600 million convertible senior note offering
Workflow Automation Platforms
May 22, 2024
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Workflow Automation Platforms

Workflow Automation Platforms

May 22, 2024

BlackLine announces USD 600 million convertible senior note offering

Funding

  • BlackLine, a financial process automation platform, has announced the pricing of its USD 600 million convertible senior notes in a private placement to institutional buyers.

  •  The notes will offer an interest rate of 1% per year in semi-annual payments and will mature on June 1, 2024. Investors will be able to convert the notes into the company’s common stock (at a rate of 14.6047 shares per USD 1,000 principal amount of notes), cash, or a mixture of both. 

  • The company intends to utilize approximately USD 53.1 million of the estimated net proceeds to pay the cost of capped call transactions and about USD 535.2 million, along with cash on hand, to repurchase approximately USD 919.8 million principal amount of previously issued outstanding convertible senior notes due 2026.

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