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SOFTWARE INDUSTRY NEWS |
Microsoft raises convertible debt to pay off existing debt |
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Microsoft has announced the pricing of $1.15 billion convertible debt offering for institutional investors that is due in 2013. The company said it plans to use the proceeds of this offering to pay down its short term debt.  The zero coupon convertible senior notes would not qualify for any interest payments, but can be converted into cash, Microsoft common stock, or a combination thereof. Microsoft said a $1,000 of these zero coupon could be converted into 29.9434 common shares of the company, with the initial conversion price being $33.40 per share, roughly a third higher than Microsoft's stock closing price on June 8, 2010, of $25.11. Initial purchases will have a 13-day option to buy up to $100 million of additional convertible notes to cover over-allotments, if any. Microsoft has set up capped call transactions that will let it automatically purchase shares when the stock closes at or above $37.16 so that there is no share dilution when the stock is converted. The sale is expected to close on June 14, 2010, subject to the satisfaction of customary closing conditions. |
LISTS AND RESEARCH
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Global Software Top 100 - Edition 2011
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Software industry trends (2011)
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CRM companies: a short list
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