06:24 AM EDT, 05/22/2024 (MT Newswires) -- BlackLine ( BL ) said Wednesday that it has priced $600 million of 1% convertible senior unsecured notes due June 1, 2029 in a private placement, upsized from $500 million.

The company also granted the initial purchaser a 13-day option to buy up to an additional $90 million of the notes.

Sale of the notes is expected to be completed on Friday.

The initial conversion rate will be 14.6047 shares of BlackLine's ( BL ) common stock per $1,000 of notes, equivalent to an initial conversion price of $68.47 per share.

The company said it plans to use $53.1 million of the net proceeds to pay the cost of certain capped call transactions and $535.2 million, together with cash on hand, for the repurchase of $919.8 million of its outstanding 0% convertibles senior notes that mature in 2026 for $848.5 million.

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