Callidus (CALD) Prices $70M Convertible Senior Notes Offering
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Callidus Software, Inc. (Nasdaq: CALD) has priced $70 million of 4.75% convertible senior notes due 2016.
From the release: "The sale is expected to close on May 23, 2011. Callidus has granted to the initial purchasers of the notes the right to purchase up to an additional $10.5 million principal amount of notes. The notes mature on June 1, 2016. The notes will be redeemable by Callidus under certain circumstances beginning in 2014.
Interest will be payable on the notes semiannually at a rate of 4.75% percent per year. The notes will be convertible into shares of Callidus common stock, $0.001 par value per share. The initial conversion rate for the notes is 129.6596 shares of common stock per $1,000 principal amount of the notes, which is equal to a conversion price of approximately $7.71 per share, representing approximately a 25% conversion premium based on the closing price of Callidus' common stock of $6.17 per share on May 17, 2011. Callidus estimates that the proceeds from this offering will be approximately $66.7 million, after deducting the initial purchasers' discounts and estimated expenses."
From the release: "The sale is expected to close on May 23, 2011. Callidus has granted to the initial purchasers of the notes the right to purchase up to an additional $10.5 million principal amount of notes. The notes mature on June 1, 2016. The notes will be redeemable by Callidus under certain circumstances beginning in 2014.
Interest will be payable on the notes semiannually at a rate of 4.75% percent per year. The notes will be convertible into shares of Callidus common stock, $0.001 par value per share. The initial conversion rate for the notes is 129.6596 shares of common stock per $1,000 principal amount of the notes, which is equal to a conversion price of approximately $7.71 per share, representing approximately a 25% conversion premium based on the closing price of Callidus' common stock of $6.17 per share on May 17, 2011. Callidus estimates that the proceeds from this offering will be approximately $66.7 million, after deducting the initial purchasers' discounts and estimated expenses."
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