Bill.com Proposes To Raise $1.5B Via Equity, Debt Offerings

Bill.com Holdings (NYSE:BILL) plans to sell $1.0 billion shares of common stock in a secondary public offering.
The underwriters would get a 30-day option to purchase additional shares up to $150.0 million. The offering proceeds will serve general corporate purposes.
Additionally, Bill.com plans to offer $500 million convertible senior notes due 2027 in a private institutional placement.
The initial purchasers of the notes have a 13-day option to procure additional notes up to $75.0 million.
The notes will be redeemable after October 5, 2024, if Bill.com's closing price has been at least 130% of the conversion price.
Bill.com plans to enter into capped call transactions with the initial purchasers of the notes to reduce the potential dilution on the note conversion.
Bill.com will utilize the offering proceeds on capped call transactions and general corporate purposes.
Price Action: BILL shares traded lower by 4.79% at $269.7 on the last check Tuesday.