Financing ·
Procore Technologies, Inc. completed a private offering of $950 million aggregate principal amount of 0.00%…
PCORProcore Technologies, Inc.
Procore Technologies, Inc. completed a private offering of $950 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031 on August 6, 2026, including the full exercise of the initial purchasers' option to purchase an additional $125 million in notes. The notes mature on August 15, 2031, and are convertible at an initial rate of 12.0642 shares per $1,000 principal amount, representing a conversion price of approximately $82.89 per share, which is a 50% premium over the stock's August 3 closing price of $55.26. The company entered into capped call transactions with an initial cap price of $110.52 to mitigate potential dilution. Net proceeds were approximately $926.6 million after offering expenses, with $59.1 million used for the capped calls and $175 million applied to repurchase 3.17 million shares concurrently. The remaining funds are designated for the acquisition of DroneDeploy, Inc. and general corporate purposes. Procore Technologies operates in the construction management software industry.