- 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.