08:09 AM EDT, 10/15/2024 (MT Newswires) -- Guidewire Software ( GWRE ) said Tuesday that it is launching a private offering of $500 million worth of convertible senior notes due 2029.

The company said it expects to grant the initial purchasers the option to buy up to an additional $75 million worth of notes.

The company said it will use the net proceeds to retire some of its outstanding 1.25% convertible senior notes due March 2025, pay for capped call transactions that will cover the number of shares of Guidewire's stock that will initially underlie the notes, and for general corporate purposes.

Shares of the company were down 3.5% in recent premarket activity.

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