BlackLine, Inc. Announces Pricing of Offering of $1 Billion of Convertible Senior Notes

About this update from Blackline, Inc.

[{"type":"text","content":"LOS ANGELES, March 11, 2021 (GLOBE NEWSWIRE) -- BlackLine, Inc. (Nasdaq: BL), a global leader in cloud-based accounting and finance software, today announced the pricing of $1 billion aggregate principal amount of 0.00% convertible senior notes due 2026 (the “notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). BlackLine also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $150 million aggregate principal amount of the notes. The sale of the notes is expected to close on March 15, 2021, subject to customary closing conditions. The notes will be senior unsecured obligations of BlackLine, will not bear interest, and the principal amount of the notes will not accrete. The notes will mature on March 15, 2026, unless earlier converted, redeemed or repurchased. The initial conversion rate will be 6.0156 shares of BlackLine’s common stock (“common stock”) per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $166.23 per share of common stock). The initial conversion price of the notes represents a premium of approximately 42.5% over the volume weighted average price of BlackLine’s common stock per share between opening and closing of trading on the Nasdaq Global Select Market on March 10, 2021. The notes will be convertible into cash, shares of BlackLine’s common stock or a combination of cash and shares of BlackLine’s common stock, at BlackLine’s election. BlackLine may redeem the notes, at its option, on or after March 20, 2024 if the last reported sale price of BlackLine’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on and including the trading day immediately preceding the date on which BlackLine provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date. If a “fundamental change” (as defined in the indenture governing the notes) occurs at any time prior to the maturity date, holders of the notes may require Black...

More updates from Blackline, Inc.