Seeking Alpha

ServiceNow issuing $500M worth of convertible debt

  • ServiceNow (NOW) is taking advantage of this year's big rally to offer $500M worth of convertible senior notes due Nov. 2018. A $75M overallotment option is attached. (PR)
  • The cloud IT service desk software vendor says it will use the proceeds for "general corporate purposes, including potential acquisitions and strategic transactions."
  • With ServiceNow holding $353M in cash/investments at the end of Q3 and no debt, the company has no pressing need to raise funds. That is, unless it plans to go acquisition hunting.
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