Perficient talks $300 million five-year convertible notes to yield 0%-0.5%, up 25%-30%

By Abigail W. Adams

Portland, Me., Nov. 3 – Perficient Inc. plans to price $300 million of five-year convertible notes after the market close on Thursday with price talk for a coupon of 0% to 0.5% and an initial conversion premium of 25% to 30%, according to a market source.

Morgan Stanley & Co. LLC and Jefferies LLC are active bookrunners for the Rule 144A offering, which carries a greenshoe of $45 million.

The notes are non-callable.

The stock reference price will be the volume-weighted average of shares on Thursday.

Concurrently, Perficient plans to enter into privately negotiated transactions with holders of its 1.25% convertible notes due 2025 to exchange a portion of the principal amount for cash and stock.

In connection with the offering, the company plans to enter into convertible note hedge and warrant transactions.

Proceeds will be used to fund the cost of the call spread, to fund the cash portion of the exchange of the 1.125% notes and for general corporate purposes.

Perficient is a St. Louis-based digital consultancy firm.

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