RTTNews | Jun 22, 2021 10:17AM EDT

10:17 Tuesday, June 22, 2021 (RTTNews.com) - Shares of Splunk Inc. (SPLK) are soaring over 10% Tuesday morning, after the company announced that Silver Lake, a global leader in technology investing, would make a $1 billion investment in convertible senior notes to support the continued transformation of its business.

Splunk expects to use the proceeds from the new investment to fund growth initiatives and manage its capital structure, including a newly authorized share repurchase program of up to $1 billion that would be executed over time.

The stock, which has been trading between $110.28 and $225.89 in the past one year, is currently trading at $139.10, up $13.61 or 10.85%, with trading volume rising over 3.47 million versus an average volume of 2.30 million shares.

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