Vertex, Inc. has announced the closing of its private offering of $345 million aggregate principal amount of 0.750% convertible senior notes due 2029. This represents an increase from the previously announced upsized offering of $300 million. The company estimates that the net proceeds from the offering will be approximately $333.7 million after deducting the initial purchasers' discount and estimated offering expenses payable by Vertex.
The company used approximately $42.4 million of the net proceeds from this offering to fund the cost of the previously disclosed capped call transactions and intends to use the remainder for working capital or other general corporate purposes, which may include capital expenditures, potential acquisitions, and strategic transactions. However, Vertex has not designated any specific uses and has no current agreements with respect to any acquisition or strategic transaction.
It's worth noting that the notes were sold only to persons reasonably believed to be qualified institutional buyers pursuant to rule 144a under the securities act. Additionally, the notes and the shares of Vertex’s class A common stock potentially issuable upon conversion of the notes have not been and will not be registered under the securities act or any the securities laws of any other jurisdiction.
About Vertex, Inc. Vertex, Inc. is a leading global provider of indirect tax solutions. The company's mission is to deliver the most trusted tax technology enabling global businesses to transact, comply, and grow with confidence. Vertex provides solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added, and payroll. The company is headquartered in North America, with offices in South America and Europe, employing over 1,500 professionals and serving companies across the globe. Following these announcements, the company's shares moved 0.4%, and are now trading at a price of $29.53. For the full picture, make sure to review Vertex's 8-K report.
