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June 10, 2020, 7:18 a.m. EDT

Okta prices $1 billion offering of convertible bonds that mature in 2026

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By Ciara Linnane

OKTA

Okta Inc. /zigman2/quotes/210420951/composite OKTA -4.18% priced a $1 billion offering of convertible senior notes that mature in 2026 on Wednesday, as the ID-management platform provider joins many companies raising funds during the coronavirus pandemic. The San Francisco-based company said the notes will pay 0.375% in interest per year and will be convertible at an initial rate of 4.1912 shares of Class A common stock per $1,000 principal amount of notes. The company is entering into capped call transactions to limit dilution on conversion. Proceeds of the offering will be used to cover the costs of the capped call transactions and for general corporate purposes. The company has also entered privately negotiated transactions with holders of its 0.25% convertible senior notes due 2023, to exchange about $69.9 million in principal for about 1.4 million shares. Shares were slightly higher premarket.

/zigman2/quotes/210420951/composite
US : U.S.: Nasdaq
$ 208.23
-9.08 -4.18%
Volume: 1.74M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$25.95 billion
Rev. per Employee
$255,768
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