- Accolade (NASDAQ:ACCD) has priced $250M of 0.50% convertible senior unsecured notes due April 1, 2026 in a private placement.
- Initial purchasers granted an option to purchase up to an additional $37.5M of the Notes.
- Offering is expected to close on March 29.
- Interest will be payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021, at a rate of 0.50% per year.
- Net proceeds to be ~$242.4M (or ~$278.9M if the initial purchasers exercise their option in full), of which ~$30M will be used to pay the costs of the capped call transactions and the remainder for general corporate purposes, including working capital, operating expenses, capital expenditures, acquisitions and strategic investments.