Loan & DebtAug 6, 2026, 05:26 PM
Procore Completes $950M 0.00% Convertible Senior Notes Offering
AI Summary
Procore Technologies, Inc. completed its private offering of $950 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031, including the full exercise of the initial purchasers' option. The notes, which are general senior unsecured obligations, mature on August 15, 2031, and have an initial conversion price of approximately $82.89 per share, representing a 50% premium. The net proceeds will be used to fund a portion of the cash consideration for the acquisition of DroneDeploy, Inc., pay for capped call transactions, and repurchase approximately $175 million of Procore's common stock.
Key Highlights
- Completed private offering of $950M 0.00% Convertible Senior Notes due 2031.
- Notes mature on August 15, 2031, and are general senior unsecured obligations.
- Initial conversion rate is 12.0642 shares per $1,000 principal amount of notes.
- Initial conversion price of approximately $82.89 per share, a 50% premium.
- Net proceeds to fund a portion of the DroneDeploy, Inc. acquisition.
- Approximately $175M of net proceeds used for common stock repurchases.
- Approximately $51.3M used to pay for capped call transactions.
- Offering was upsized from $750M to $825M, then option exercised to $950M.
Price Impact
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