05:37 PM EST, 12/10/2024 (MT Newswires) -- Nutanix ( NTNX ) said late Tuesday it plans to offer $750 million of convertible senior notes due 2029 to qualified institutional buyers.

Initial buyers are expected to be granted a 13-day option to purchase up to an additional $112.5 million of the notes, the company said.

Proceeds will be used to repurchase a portion of Nutanix's ( NTNX ) outstanding 0.25% convertible senior notes maturing in 2027 and up to $200 million of its class A common shares in privately negotiated transactions with institutional investors, it said.

Shares of the company were down more than 2% in recent after-hours activity.