Matthews South

Matthews South

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by | March 27, 2021 |

Our Clients

March 9, 2021
$200 million Convertible Notes
Size: $200mm + 15% Shoe
Offering Type: 144A
Execution Structure: 1 Day Marketed
Maturity: 5.5 Years
Structure: Provisionally Callable in 3 Years with Make-Whole
Coupon: 0.50%
Premium: 35.0%
Effective Premium: 75% with Capped Call
Matthews South Role: Financial Advisor
Bookrunners: Morgan Stanley / Piper / William Blair

$200mm Convertible

Complete Process and Execution Management

  • We helped the company evaluate alternatives, structure the transaction, and draft the documentation prior to any involvement from the banks
  • Helped formulate syndicate strategy to achieve company’s objectives around execution success, acknowledgement of value delivered, and transaction costs

Trusted Advisor

  • Matthews South also advised on Vocera’s $143.75mm issuance in 2018

Debt Buyback

  • The company used ~$100mm of cash and ~$60mm of shares to crystalize the dilution on its outstanding in-the-money notes

Day of Marketing

  • Matthews South advised the company throughout the day of execution to help ensure that the security was priced optimally
  • Our call spread auction achieved efficient pricing terms, and resulted in an effective pre-tax interest rate below 2% and zero dilution until the stock price appreciates above 75%
    • The capped call process saved the company ~$2.5mm versus initial expectations
  • The stock traded slightly up on the day of offering, indicating investor enthusiasm and support for the buyback

Additional Deals for Vocera:

  • May 2018: $144mm Convertible + Capped Call

Contact Us

To learn more about our solutions or to schedule a demo of our software, please contact us by filling out the form below, or email us at info@matthewssouth.com.






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