03:26 AM EDT, 09/18/2024 (MT Newswires) -- Box (BOX) said Wednesday it priced a private placement to eligible purchasers of $400 million of 1.5% convertible senior notes due 2029.

The initial purchasers have been granted an option to purchase up to $60 million additional amount of notes.

The notes will be convertible at an initial rate of $43.46 per share.

Net proceeds, estimated to be about $389.2 million to $447.8 million, will be used to fund certain capped call transactions, the repurchase of notes due 2026, and for working capital and general corporate purposes, the company said.

Closing of the offering is expected to occur on Friday, subject to customary conditions.

Price: 33.44, Change: +0.01, Percent Change: +0.03