Everbridge talks $100 million convertibles to yield 1.25% to 1.75%, up 22.5% to 27.5%

By Abigail W. Adams

Portland, Me., Nov. 14 – Everbridge Inc. plans to price $100 million in five-year convertible notes after the market close on Wednesday with price talk for a coupon of 1.25% to 1.75% and an initial conversion premium of 22.5% to 27.5%, according to market sources.

Bank of America Merrill Lynch and Credit Suisse are joint bookrunners for the deal which carries a greenshoe of $15 million.

The notes will be non-callable for three years then provisionally callable if the stock trades above 130% of the conversion price.

Everbridge will enter into capped call transactions with the underwriters and other option counterparties, according to a company release. Everbridge will enter into additional capped call transactions if the greenshoe is exercised.

Concurrent with the pricing, a stockholder will offer 650,000 shares in a separate deal, according to the company release. Underwriters will be given 30-days to purchase an additional 97,000 shares.

Proceeds from the deal will be used to cover the cost of capped call transactions, for working capital and for general corporate purposes.

Everbridge is a Burlington, Mass-based global software company specializing in software applications for critical incidents such as cyber-attacks.

© 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.