Vonage Holdings | Stephens

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Senior Co-Manager

Vonage Holdings

$300 Million 06/11/2019 Technology, Media & Telecom Complete
Lead Bankers: Kurt Hoofnagle, Steve Dearing
Public Companies
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Transaction Details

  • On June 11, 2019, Vonage Holdings (NYSE: VG) announced the pricing of $300 million aggregate principal amount of 1.75% Convertible Senior Notes due 2024 (the “Notes”) in a private offering
  • The Notes were offered in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended
  • The Notes will bear interest at a rate of 1.75% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on December 1, 2019
  • The initial conversion rate for the Notes is 59.8256 shares of VG common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $16.72 per share of common stock)
  • The initial conversion price of the Notes represents a premium of approximately 42.5% to the $11.73 per share closing price of VG common stock on June 11, 2019
  • Vonage intends to use net proceeds to pay the cost of capped call transactions related to the Notes offering, to repay a portion of the outstanding principal balance under its credit facility and to repurchase up to $10 million in shares of VG common stock
  • Stephens Inc. served as Senior Co-Manager for the offering

About the company

Vonage (NYSE: VG) is redefining business communications, helping enterprises use fully-integrated unified communications, contact center, and programmable communications solutions via Nexmo, the Vonage API Platform, to improve how business gets done. True to its roots as a technology disruptor, Vonage has embraced technology to transform how companies connect, collaborate and communicate to create better business outcomes. Vonage's fully-integrated cloud communications platform built on a microservices-based architecture enables businesses to collaborate more productively and engage their customers more effectively across all channels, including messaging, chat, social media, video and voice. Vonage Holdings Corp. is headquartered in Holmdel, New Jersey, with offices throughout the United States, Europe, the Middle East and Asia.

Sources: Transaction press release and Offering Memorandum.
  1. This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from external sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the material. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.

    The offering of the convertible notes is being 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.