BILL Holdings, Inc. Completes $1.4 Billion Offering of 0% Convertible Senior Notes due 2030

BILL Holdings, Inc. recently concluded its previously announced sale of $1.4 billion in aggregate principal amount of 0% Convertible Senior Notes due 2030. The offering was conducted in a private placement to Initial Purchasers and qualified institutional buyers under a Securities Act exemption. The sale involved the full exercise by the Initial Purchasers of their option to purchase an additional $150.0 million aggregate principal amount of Notes. The company generated approximately $1.38 billion in net proceeds from the offering after adjusting for discounts and estimated offering expenses.

The allocation of the net proceeds involved various activities, including paying for capped call transactions, repurchasing existing convertible notes due 2025 and 2027, and repurchasing company common stock. The remaining proceeds are intended for general corporate purposes, including potential acquisitions, working capital needs, and strategic transactions.

The Notes were issued under an Indenture with Computershare Trust Company, N.A. as trustee. These senior, unsecured obligations do not carry regular cash interest and mature on April 1, 2030, unless redeemed, repurchased, or converted earlier. The Notes are subject to customary covenants, events of default, and flexible conversion terms.

In connection with the offering, capped call transactions were initiated to offset potential dilution upon conversion of the Notes and reduce additional cash payments. Concurrently, the company entered repurchase agreements for existing convertible notes due 2025 and 2027 while also repurchasing company common stock.

Additionally, the company disclosed that it has entered into a Purchase Agreement with Initial Purchasers, outlining various representations and indemnifications under the Securities Act. The company has also issued a press release confirming the closure of the Notes offering.

This press release may contain forward-looking statements subject to risks and uncertainties. More information on how the funds will be utilized, market conditions, and economic factors can be found in the company’s SEC filings.

Contact Information:
Investor Relations
Karen Sansot: [email protected]
Press Relations
John Welton: [email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BILL’s 8K filing here.

About BILL

BILL Holdings, Inc provides financial automation software for small and midsize businesses worldwide. The company provides software-as-a-service, cloud-based payments, and spend management products, which allow users to automate accounts payable and accounts receivable transactions, as well as enable users to connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows, and improve office efficiency.