- Nutanix (NASDAQ:NTNX) on Monday announced that it had received a conversion notice from BCPE Nucleon (DE) SPV, an affiliate of Bain Capital, regarding the conversion of $817.6 million in aggregate principal amount, representing the entire outstanding principal amount, of Nutanix’s convertible senior notes 2.50% interest rate 2026 where Nutanix originally issued September 2020 and, under certain circumstances, may have been redeemed by Nutanix on or after September 15, 2025.
- Pursuant to the indenture governing the notes, the effective conversion value at the time of conversion is calculated based on the 25-trading-day, volume-weighted average price of Nutanix’s Class A common stock of approximately $65.51 per share.
- Under the terms of the 2026 Notes Agreement, Nutanix is ​​required to settle the conversion by paying $817.6 million in cash and delivering approximately 16.9 million shares of Class A common stock.
- Nutanix expects to apply existing balance sheet liquidity to settle the cash portion of the conversion.
- Nutanix expects to deliver the shares in tardy July 2024.
- Following the conversion of the bonds, Max de Groen and David Humphrey, partners at Bain Capital, will continue to serve as members of the Nutanix Board of Directors.
- Source: press release
Nutanix announces receipt of notice of conversion of its 2.50% convertible senior notes due 2026.
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