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BroadSoft prices $175M convertible offering; shares -3.4%

Sep. 10, 2015 11:36 AM ETCisco Systems, Inc. (CSCO) StockBy: Eric Jhonsa, SA News Editor
  • BroadSoft (BSFT) is selling $175M worth of convertible senior notes due 2022. The notes carry a 1% interest rate, and an initial conversion price of $38.72 (28% above current levels). Initial purchasers have a $26.25M overallotment option.
  • BroadSoft won't be able to redeem the notes before Sep. 2019. Net proceeds (expected to total $169.3M-$194.8M) will partly be used to repurchase $53M worth of 1.5% convertible notes due 2018, and buy back $25M worth of shares from the buyers of the new convertible offering.
  • The carrier VoIP/UC software and service provider had $150.5M in cash and $100M in convertible debt at the end of Q2.

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