Verint Systems Inc. (NASDAQ: VRNT) said it has agreed to sell, at a public offering price of USD47.75 per share, an aggregate of 5,000,000 shares of its common stock and USD350m aggregate principal amount of its 1.50 percent convertible senior notes due 2021.
The offering of notes was increased from the previously announced USD300.0m aggregate principal amount of notes. For the common stock offering, Goldman, Sachs and Co. and Deutsche Bank Securities are acting as lead joint book-running managers, Credit Suisse, J.P. Morgan, RBC Capital Markets, Barclays, and Jefferies are acting as joint book-running managers, and FBR, Oppenheimer and Co. and Imperial Capital, LLC are acting as co-managers.
For the convertible notes offering, Deutsche Bank Securities and Goldman, Sachs and Co. are acting as lead joint book-running managers, Credit Suisse, RBC Capital Markets, Barclays, and HSBC are acting as joint book-running managers, and Centerview Capital is acting as advisor.
Verint estimates the aggregate net proceeds from the concurrent offerings to be approximately USD573m, after deducting the underwriting discount and estimated offering expenses payable by Verint. Verint also intends to use a portion of the net proceeds from the notes offering to pay the costs of the related convertible note hedge transactions described below. The remainder is intended to repay a portion of the outstanding indebtedness under its existing credit facility. The closing of both offerings is expected to occur on June 18, 2014, subject to the satisfaction of customary closing conditions.
Verint is a leader in actionable intelligence solutions. Its website is at verint.com.