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Vertex, Inc. announced the closing of an upsized offering of $345 million convertible senior notes due 2029. The net proceeds are estimated to be approximately $333.7 million. Funds will be used for working capital, acquisitions, and general corporate purposes. Vertex sold the notes to qualified institutional buyers under Rule 144A, with the offering including capped call transactions. The notes and potential shares issuable upon conversion have not been registered under the Securities Act.
Vertex, Inc. ha annunciato la chiusura di un'offerta ampliata di obbligazioni senior convertibili per un valore di 345 milioni di dollari con scadenza 2029. Si stima che il ricavato netto sia di circa 333,7 milioni di dollari. I fondi saranno utilizzati per capitale circolante, acquisizioni e scopi aziendali generali. Vertex ha venduto le obbligazioni a compratori istituzionali qualificati in base alla Regola 144A, includendo nelle offerte transazioni con opzioni di chiamata limitate. Le obbligazioni e le possibili azioni emesse in seguito alla conversione non sono state registrate secondo il Securities Act.
Vertex, Inc. anunció el cierre de una oferta aumentada de notas senior convertibles por valor de 345 millones de dólares con vencimiento en 2029. Los ingresos netos se estiman en aproximadamente 333,7 millones de dólares. Los fondos se utilizarán para capital de trabajo, adquisiciones y propósitos corporativos generales. Vertex vendió las notas a compradores institucionales calificados bajo la Regla 144A, incluyendo transacciones de llamadas con tope en la oferta. Las notas y las posibles acciones emitibles tras la conversión no han sido registradas bajo la Ley de Valores.
Vertex, Inc.는 2029년 만기가 되는 3억 4,500만 달러의 컨버터블 시니어 노트 상향 조정 발행을 마감했다고 발표했습니다. 순수익은 약 3억 3,370만 달러로 추정됩니다. 자금은 운전 자본, 인수 합병 및 일반 기업 목적에 사용될 예정입니다. Vertex는 144A 규칙에 따라 자격을 갖춘 기관 투자자들에게 노트를 판매했으며, 이에는 캡드 콜 거래가 포함되었습니다. 전환 시 발행 가능한 주식과 노트는 증권법에 따라 등록되지 않았습니다.
Vertex, Inc. a annoncé la clôture d'une offre élargie de notes seniors convertibles d'un montant de 345 millions de dollars, échéant en 2029. Les produits nets sont estimés à environ 333,7 millions de dollars. Les fonds seront utilisés pour le fonds de roulement, les acquisitions et les besoins corporatifs généraux. Vertex a vendu les notes à des acheteurs institutionnels qualifiés sous la Règle 144A, l'offre incluant des transactions d'appel plafonnées. Les notes et les actions potentiellement émissibles lors de la conversion n'ont pas été enregistrées sous la loi sur les valeurs mobilières.
Vertex, Inc. gab den Abschluss eines aufgestockten Angebots von wandelbaren Senior-Anleihen im Wert von 345 Millionen US-Dollar, fällig 2029, bekannt. Der Nettolöserlös wird auf etwa 333,7 Millionen US-Dollar geschätzt. Die Mittel werden für Betriebskapital, Akquisitionen und allgemeine Unternehmenszwecke verwendet. Vertex verkaufte die Anleihen an qualifizierte institutionelle Käufer gemäß Regel 144A, wobei das Angebot Transaktionen mit Cap-Call-Optionen einschloss. Die Anleihen und möglicherweise bei der Umwandlung auszugebende Aktien wurden nicht unter dem Securities Act registriert.
Positive
Vertex closed an upsized offering of $345 million convertible senior notes due 2029
Net proceeds estimated at $333.7 million
Funds to be used for working capital, acquisitions, and general corporate purposes
Offering sold to qualified institutional buyers under Rule 144A
Notes and potential shares upon conversion not registered under the Securities Act
Negative
None.
KING OF PRUSSIA, Pa., April 26, 2024 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex”), a leading global provider of indirect tax solutions, today announced the closing of its private offering of $345 million aggregate principal amount of 0.750% convertible senior notes due 2029 (the “notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and related capped call transactions. The offering represents the aggregate of both the previously announced, upsized offering of $300 million as well as the full exercise of the $45 million option to purchase additional notes granted by Vertex to the initial purchasers of the notes.
Vertex 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. Vertex 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.
The notes were sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. 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, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any notes or shares of Vertex’s Class A Common Stock, nor shall there be any offer, sale or sale of notes or such Class A Common Stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction.
About Vertex, Inc.
Vertex, Inc. is a leading global provider of indirect tax solutions. Vertex’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. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,500 professionals and serves companies across the globe.
Forward-Looking Statements
This press release contains forward-looking statements regarding the offering of the notes and the capped call transactions, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements made in this press release that are not statements of historical fact, including statements regarding Vertex’s anticipated use of proceeds from the offering, are forward-looking statements and should be evaluated as such. Forward-looking statements are based on Vertex management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, risks related to the offering of the notes and the capped call transactions and the other factors described under the heading “Risk Factors” in Vertex’s Annual Report on Form 10-K for the year ended December 31, 2023 and Vertex’s other filings with the Securities and Exchange Commission (“SEC”). Copies of such filings may be obtained from Vertex or the SEC.
All forward-looking statements reflect Vertex’s beliefs and assumptions only as of the date of this press release. Vertex undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
Investor Relations: Joe Crivelli, Vertex, Inc., ir@vertexinc.com
FAQ
What was the principal amount of the convertible senior notes offered by Vertex?
Vertex offered $345 million aggregate principal amount of 0.750% convertible senior notes due 2029.
How will Vertex utilize the net proceeds from the offering?
Vertex will use approximately $42.4 million for the cost of capped call transactions and the remainder for working capital, acquisitions, and general corporate purposes.
Were the notes sold under the Securities Act registered?
No, the notes and potential shares issuable upon conversion have not been registered under the Securities Act.
Who were the notes sold to?
The notes were sold to qualified institutional buyers under Rule 144A.
tax is a complex and time-consuming challenge for companies around the world. constantly changing accounting and regulatory requirements, greater scrutiny from audit committees, and a shrinking pool of talent are all putting more pressure on the corporate tax function than ever before. the trusted leader in tax technology excellence we're vertex. since 1978, over 10,000 corporate customers have relied on us for innovative tax processing solutions. spend some time learning more about our rich history. combining advanced technology, sophisticated software, and an exceptional team of experienced tax experts, we help our customers unlock huge process and productivity gains, limit risk, and make tax a more integral, strategic contributor to business success. over the past 15 years vertex established a reputation for excellence in partnering and is considered a premier partner with sap, oracle, and other leading software providers. also, vertex works closely with the big 4 and other t
