Co-Manager
Everbridge, Inc.
Equity Capital Markets
Convertible Senior Notes Offering
Transaction Details
- On March 9, 2021, Everbridge, Inc. (“Everbridge” or the “Company”) announced the upsizing and pricing of $325.0 million aggregate principal amount of 0% Convertible Senior Notes due 2026 (the “Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended
- The Company also granted the initial purchasers a 13-day option to purchase up to an additional $50.0 million aggregate principal amount of the Notes
- The initial conversion rate for the Notes is 5.5341 shares of Everbridge common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $180.70 per share of common stock, representing a premium of approximately 40% over the last reported sale price of Everbridge’s common stock on March 8, 2021)
- The Company expects to use a portion of the net proceeds from the Notes offering to repurchase a portion of its outstanding 1.50% Convertible Senior Notes due 2022 in privately negotiated transactions concurrently with the offering of the Notes, and to pay the cost of capped call transactions
- Everbridge expects to use the remainder of any net proceeds for working capital and other general corporate purposes
About the company
Everbridge, Inc. (Nasdaq: EVBG) is a global software company that provides enterprise software applications that automate and accelerate organizations’ operational response to critical events in order to Keep People Safe and Businesses Running™.
Sources: Company filings and press release.
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The offering of the convertible notes was made only by means of an offering memorandum in a private offering to qualified institutional buyers (as defined in Rule 144A under the Securities Act of 1933). The notes and the shares of the Company’s common stock issuable upon conversion of the notes, if any, have not been registered under the Securities Act of 1933 or any state securities laws and the Company does not intend to file a shelf registration statement for resale of the notes or such common stock, if any.
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