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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