CSG Systems International Announces Upsize and Pricing of $375 Million Private Offering of 3.875% Convertible Senior Notes

About this update from Csg Systems International, Inc.

[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nCSG Systems International, Inc. (NASDAQ: CSGS) today announced the pricing of its private offering of $375.0 million aggregate principal amount of 3.875% Convertible Senior Notes due 2028 (the “notes”) to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). CSG also granted the initial purchasers of the notes an option to purchase up to an additional $50.0 million aggregate principal amount of the notes, for settlement within a 13-day period beginning on, and including, the first date on which the notes are issued. The aggregate principal amount of the offering was increased from the previously announced offering size of $350.0 million. The offering is expected to close on September 11, 2023, subject to customary closing conditions.\n\n\nThe notes will be CSG’s senior unsecured obligations. The notes will bear interest at a rate of 3.875% per year, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2024. The notes will mature on September 15, 2028, unless earlier converted, redeemed or repurchased.\n\n\nBefore June 15, 2028, noteholders will have the right to convert their notes only upon the occurrence of certain events. On or after June 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, noteholders may convert all or any portion of their notes at any time regardless of these conditions. CSG will satisfy its conversion obligations by paying cash up to the aggregate principal amount of notes to be converted and paying or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligations in excess of the aggregate principal amount of the notes being converted, based on the then applicable conversion rate. The notes will be convertible at an initial conversion rate of 14.0753 shares of CSG’s common stock per $1,000 principal amount of the notes, which is equivalent to an initial conversion price of approximately $71.05 per share of CSG’s common stock (which represents a premium of 32.5% over the last reported sale price per share of CSG’s common stoc...

More updates from Csg Systems International, Inc.