Our Clients

Process Management

• Matthews South was hired before banks were involved, and helped the company evaluate proposals on both syndicate economics and execution recommendations
• Matthews South led the organization efforts on documentation and accounting / tax analysis so the offering preparation was near final by the time the banks were involved

Structuring

• Matthews South advised the company on whether to include a call spread and the appropriate structure of the derivative
• Evaluated merits of including a provisional call with make-whole; the company elected to use use the provisional call feature based on Matthews South advice and analysis (2019 transaction was non-call life)
• Matthews South recommended a 6-year maturity (as opposed to the standard 5 year) to stagger the new issuance after the existing 2024 maturity

Designed Call Spread Bid Process to Optimize Terms

• Developed and ran a competitive bid process to achieve attractive pricing on the capped call
• Added banks to process that showed aggressiveness in other situations (several of those banks won a piece of the call spread)
• Saved $3.7mm on the capped call vs. pricing indications received in the weeks before execution

Day of Marketing

• Matthews South advised the company throughout the day of execution to help ensure that the security was priced optimally and the messaging to the market was consistent
• The bond priced better than the issuer friendly end of both the coupon and premium range with a 0% coupon and 42.5% premium

Additional Deals for LivePerson:

• Feb 2019: $230mm Convertible + Capped Call