Callidus Software Inc Announces Offering of $70 Million Senior Convertible Notes Due 2016

Callidus Software, Inc. CALD today announced that it proposes to offer $70 million principal amount of senior convertible notes, subject to market conditions and other factors. The notes would be due in June 2016 and are to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The notes will be redeemable by Callidus under certain circumstances beginning in 2014. The notes will be convertible into shares of Callidus' common stock. The conversion rate and other terms will be determined by negotiations between Callidus and the initial purchasers of the notes. Callidus also intends to grant to the initial purchasers of the notes the right to purchase up to an additional $10.5 million principal amount of notes solely to cover overallotments.