Blackline Shares Drop 8% After Private Placement of Senior Notes
By Chris Wack
BlackLine shares were down 8% to $53.27 after the company said it intends to offer $500 million of convertible senior notes due 2029 in a private placement.
The packaged software company also said it intends to grant the initial purchaser of the notes a 13-day option to buy up to an additional $75 million in notes.
The notes will be senior unsecured obligations of BlackLine and will accrue interest payable semiannually in arrears. The notes will mature June 1, 2029, unless earlier converted, repurchased or redeemed.
The notes will be convertible into cash, shares of BlackLine's stock or a combination of cash and shares, at BlackLine's election.
BlackLine intends to use a portion of the net proceeds from this offering for the repurchase of a portion of its outstanding 0% Convertible Senior Notes due 2026. BlackLine intends to use the remainder of the proceeds from this offering for working capital and other general corporate purposes.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 21, 2024 13:10 ET (17:10 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks