04:12 AM EDT, 09/06/2024 (MT Newswires) -- Varonis Systems ( VRNS ) said Thursday that it priced a private offering of $400 million of 1% convertible senior unsecured notes due Sept. 15, 2029, upsized from $350 million.

The company also granted the initial purchasers a 13-day option to as much as an additional $60 million of notes. The sale is expected to close on Sept. 10.

The initial conversion rate for the notes will be 14.7419 shares of the company's common stock for each $1,000 of notes, equivalent to an initial conversion price of about $67.83 per share.

The company said it plans to use the net proceeds to acquire or make investments in businesses, products, offerings and technologies, to pay the cost of certain capped call transactions and for working capital and general corporate purposes.