04:17 AM EDT, 09/10/2025 (MT Newswires) -- Planet Labs (PL) said late Tuesday it has priced $400 million worth of 0.50% convertible senior notes due 2030 in a private offering.

The offering size was increased from the original $300 million, the company said.

Planet said it has granted initial purchasers a 13-day option to purchase up to an additional $60 million worth of notes. The initial sale is expected to settle on Friday.

The notes will be convertible at an initial conversion rate of 83.6715 shares per $1,000 principal amount of notes, or about $11.95 per share, the company said.

Planet said it plans to use net proceeds to pay the cost of certain capped call transactions and for general corporate purposes.