A10 Networks (ATEN) said Thursday it has priced a $200 million private offering of 2.75% convertible senior notes due 2030.
The issuance and debt sale is scheduled to settle on Monday.
When issued, the company said the notes will accrue an annual interest rate of 2.75%, payable semi-annually starting on Oct. 1. The notes will mature on April 1, 2030 unless they are converted, redeemed or repurchased before, A10 Networks said.
The initial conversion rate is 42.6257 shares of common stock per $1,000 of principal, or a price of approximately $23.46 per share, which represents a 20% premium over the stock's March 12 closing price, the company said.
The company also said it granted purchasers the option to acquire up to $25 million worth of additional notes within 13 days of the initial issuance.
ATEN shares were over 10% lower in recent premarket activity.
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