03:50 AM EDT, 04/24/2024 (MT Newswires) -- Vertex (VERX) said late Tuesday it priced a private placement to eligible purchasers of $300 million of 0.75% convertible senior notes due 2029.

The initial purchasers have been granted a 13-day option to purchase up to $45 million of additional notes, which will be convertible at an initial rate of $36.32 per share.

Net proceeds, estimated to be about $290 million, will be used to fund certain capped call transactions as well as for working capital and general corporate purposes, the company said.

The offering, which has been upsized from $250 million, is expected to settle on Friday, subject to customary conditions.