09:46 AM EDT, 05/28/2024 (MT Newswires) -- Alarm.com Holdings ( ALRM ) said Tuesday that it plans to offer $375 million worth of convertible senior notes due 2029 in a private placement to qualified institutional investors.

The company said it expects to use the net proceeds to repurchase up to $75 million of its common stock, pay the cost of certain call transactions, and for general corporate purposes, which could include acquisitions or strategic investments.

Alarm.com ( ALRM ) also said it plans to grant the initial purchasers of the notes an option to buy up to an additional $56.3 million worth of notes within a 13-day period.

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