Palo Alto prices $500M convertible offering

Palo Alto Networks' (PANW) $500M offering of convertible senior notes due 2019 (first announced on Monday) features a 0% interest rate, and an initial conversion price of $110.28/share (40% above current levels).

Palo Alto expects net proceeds of $486.4M. With the company having no pressing need for cash, fresh M&A activity could be in the cards.

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