Bill.com Proposes To Raise $1.5B Via Equity, Debt Offerings

  • Bill.com Holdings BILL plans to sell $1.0 billion shares of common stock in a secondary public offering
  • The underwriters would get a 30-day option to purchase additional shares up to $150.0 million. The offering proceeds will serve general corporate purposes.
  • Additionally, Bill.com plans to offer $500 million convertible senior notes due 2027 in a private institutional placement.
  • The initial purchasers of the notes have a 13-day option to procure additional notes up to $75.0 million.
  • The notes will be redeemable after October 5, 2024, if Bill.com's closing price has been at least 130% of the conversion price.
  • Bill.com plans to enter into capped call transactions with the initial purchasers of the notes to reduce the potential dilution on the note conversion.
  • Bill.com will utilize the offering proceeds on capped call transactions and general corporate purposes.
  • Price Action: BILL shares traded lower by 4.79% at $269.7 on the last check Tuesday.
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