Guidewire Software, Inc. priced its offering of $600.0 million aggregate principal amount of 1.25% convertible senior notes due 2029, an increase from the previously announced $500.0 million. The issuance and sale of the notes are scheduled to settle on October 18, 2024.
The initial conversion rate is 4.0875 shares of common stock per $1,000 principal amount of notes, representing an initial conversion price of approximately $244.65 per share, a 30% premium over the last reported sale price of $188.19 on October 15, 2024. Guidewire estimates net proceeds of approximately $583.7 million, with $51.1 million allocated for capped call transactions and $200.5 million to retire approximately $120.9 million of its outstanding 2025 Convertible Senior Notes.
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