04:58 PM EDT, 09/16/2024 (MT Newswires) -- Box (BOX) said late Monday that it plans to offer $400 million of convertible senior notes due Sept. 15, 2029, in a private placement.

The company also intends to grant the initial purchasers an option to purchase up to $60 million of additional notes.

Apart from paying the cost of capped call transactions, the company plans to use the net proceeds to repurchase a part of its 0% convertible senior notes due 2026 and for working capital and other general corporate purposes.

Shares of the company fell 2.8% in after-hours activity.

Price: 32.50, Change: -0.95, Percent Change: -2.84