Benzinga | Sep 22, 2021 10:13AM EDT

Bill.com Raises $1.7B Via Upsized Equity, Debt Offerings

* Bill.com Holdings (NYSE:BILL) priced 4.4 million shares at $272 per share to raise $1.2 billion in an upsized secondary public offering.

* The offer price implies a 0.8% discount to Bill.com's September 21 closing price of $274.14. The offering proceeds will serve general corporate purposes.

* Bill.com previously aimed to sell stock worth $1 billion.

* The underwriters have a 30-day option to purchase additional shares up to 0.66 million.

* Bill.com also priced the $500 million 0% senior convertible notes due 2027 in a private institutional placement.

* The initial conversion price of $414.80 represents a premium of 52.5% on the offer price of $272.

* Bill.com forged capped call transactions with the initial purchasers of the notes to reduce the potential dilution on the note conversion.

* The offering proceeds will help to serve the capped call transactions and general corporate purposes.

* Price Action: BILL shares traded higher by 1.38% at $277.91 on the last check Wednesday.