Box issues $460M of 1.50% convertible notes due 2029; repurchases $140M of 2026 notes

BOX INC

Issued $460M aggregate principal of 1.50% convertible senior notes due Sept 15, 2029.
Initial conversion price ~$43.46/share, a 30% premium to $33.43 closing price on Sept 17.
Entered capped call transactions with strike $43.46 and cap $66.86 to offset dilution.
Used ~$191.7M of net proceeds to repurchase $140M principal of outstanding 0% 2026 notes.
Net proceeds approx $447.8M; remaining cash for working capital and general corporate purposes.

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