Tenable Prices $725 Million Convertible Notes

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Tenable (TENB) said late Thursday it priced $725 million of 0.25% convertible senior notes due 2031, up from the previously planned $650 million.

The company said the initial conversion price is about $44.84 per share, a 40% premium to its last close.

Tenable said it expects net proceeds to be $778.8 million if an option for an additional $75 million of notes is fully exercised.

The company said it plans to use the proceeds from the offering, expects to close on Tuesday, to repay its term loans, fund about $58.1 million of capped call transactions and repurchase about $170.5 million of its shares.

Tenable said the capped call transactions are intended to reduce potential dilution from future note conversions.

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