08:03 AM EDT, 05/21/2024 (MT Newswires) -- BlackLine ( BL ) said Tuesday that it plans to privately offer $500 million in convertible senior notes due 2029.

A 13-day option to purchase up to an additional $75 million aggregate principal amount will also be offered to the initial purchaser, BlackLine ( BL ) said, adding that it expects to enter into capped call transactions.

The notes, which will mature on June 1, 2029, will accrue interest payable semiannually in arrears, according to the company. The interest rate and other terms of the notes are yet to be determined.

BlackLine ( BL ) said it expects to use the net proceeds from the offering to fund planned capped call transactions as well as repurchase a portion of its outstanding 0.00% convertible senior notes due 2026 and for general corporate purposes.

BlackLine ( BL ) was more than 3% lower in recent premarket activity Tuesday.

Price: 55.99, Change: -1.89, Percent Change: -3.27