05:09 PM EDT, 06/10/2024 (MT Newswires) -- Nutanix ( NTNX ) said late on Monday it received a notice of conversion for the conversion of $817.6 million of its 2.5% convertible senior notes due 2026.

The company issued the notes in September 2020. The notes are redeemable under certain circumstances on or after Sept. 15, 2025.

Nutanix ( NTNX ) received the notice from Bain Capital affiliate BCPE Nucleon (DE) SPV. The notice is for the entire outstanding principal amount of the 2026 notes.

The requirement for the company is to pay $817.6 million in cash and deliver about 16.9 million shares of its Class A common stock for the settlement.

Nutanix ( NTNX ) said it expects to use its existing balance sheet liquidity to settle the cash portion of the conversion. It expects to deliver the shares in late July 2024.

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