Workiva To Offer $525 Mln Of Convertible Sr. Notes; Stock Down In Pre-market

(RTTNews) - Workiva Inc. (WK), a software as a service company, said on Monday that it is planning to offer $525 million of its convertible senior notes due 2028 through a private offering.

Following the news, WK was trading down by 3.20 percent at $99.25 per share in the pre-market trading on the New York Stock Exchange.

Workiva expects to grant the initial purchasers an option to purchase up to an additional $75 million of the notes.

The company intends to use the net proceeds from the offering to repurchase a portion of its 1.125 percent convertible senior notes due 2026.

The remaining sum will be used for the working capital and other general corporate purposes.

Interest for the notes will be paid semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2024.