Altair Announces Sale of $230 Million Aggregate Principal Amount of Convertible Senior Notes

Rhea-AI Summary

Altair Engineering Inc. (Nasdaq: ALTR) has successfully closed a private offering of convertible senior notes totaling $230 million. The offering consisted of $200 million of 1.750% notes due 2027, with an additional $30 million sold following the exercise of a purchase option by the initial purchaser. The closure of this offering is significant as it strengthens Altair's financial position and supports its ongoing investments in computational science and artificial intelligence.

Positive

• Successful closure of $230 million convertible senior notes offering strengthens financial resources.
• 1.750% interest rate due 2027 reflects favorable borrowing terms.

Negative

• None.

TROY, Mich., June 24, 2022 (GLOBE NEWSWIRE) -- Altair Engineering Inc. (Nasdaq: ALTR) (“Altair”) today announced the closing of its private offering of convertible senior notes and the exercise in full of the initial purchaser’s option to purchase additional convertible senior notes. At a closing on June 14, 2022, Altair sold $200 million aggregate principal amount of 1.750% convertible senior notes due 2027 and at a closing on June 24, 2022, Altair sold an additional $30 million aggregate principal amount of such notes upon the initial purchaser’s exercise in full of its option.

About Altair (Nasdaq: ALTR)

Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future.

Media contacts

Altair
Dave Simon
248-614-2400 ext. 332
dls@altair.com 

Altair Investor Relations
The Blueshirt Group
Monica Gould
+1.212.871.3927
ir@altair.com

 

FAQ

What is the total amount raised in Altair's recent convertible senior notes offering?

Altair raised a total of $230 million from its recent convertible senior notes offering.

What is the interest rate and maturity date for Altair's convertible senior notes?

The convertible senior notes have an interest rate of 1.750% and are due in 2027.

When did Altair close its private offering of convertible senior notes?

Altair closed its private offering of convertible senior notes on June 24, 2022.

How much was the initial offering amount for Altair's convertible senior notes?

The initial offering amount for Altair's convertible senior notes was $200 million.

What company traded under the ticker symbol ALTR recently closed a convertible notes offering?

Altair Engineering trades under the ticker symbol ALTR and recently closed a convertible notes offering.