Palo Alto selling $500M in convertible debt

Palo Alto Networks (PANW) plans to sell $500M of convertible senior notes due 2019. Initial purchasers are expected to have a $75M overallotment option.

The next-gen firewall vendor had $572M in cash/investments as of April 30, and no debt.

Given the recent pace of M&A activity in the security hardware/software space, Palo Alto might be raising funds for an acquisition or two. The company spent $200M on Israeli cybersecurity startup Cyvera in March.

PANW -0.8% AH.

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