Workiva prices upsized $625M convertible senior note offering

Workiva “announced the pricing of its offering of $625 million principal amount of its 1.250% Convertible Senior Notes due 2028 through a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The aggregate principal amount of the offering was increased from the previously announced offering size of $525 million. Workiva also granted the initial purchaser an option to purchase, for settlement within a 13-day period from, and including, the date the 2028 Notes are first issued, up to an additional $100 million principal amount of the 2028 Notes. The offering is expected to close on August 17, 2023, subject to customary closing conditions. The 2028 Notes will be convertible, at the option of holders, into cash, shares of common stock or a combination of cash and shares of common stock at Workiva’s election at an initial conversion rate of 7.4690 shares of common stock per $1,000 principal amount of the 2028 Notes, which is equivalent to an initial conversion price of approximately $133.89 per share and represents a conversion premium of approximately 30% to the last reported sale price of Workiva’s Class A common stock on the New York Stock Exchange on August 14, 2023.”