Varonis issues $460M of 1.00% convertible notes due 2029; net proceeds $449.6M

VARONIS SYSTEMS INC

$460M aggregate principal of 1.00% Convertible Senior Notes due Sept 2029; initial conversion price $67.83 per share.
Net proceeds ~$449.6M after discounts; $55.5M used to pay cost of capped call transactions to reduce dilution.
Proceeds for working capital and general corporate purposes, including R&D, capex, and potential acquisitions.
Notes are unsecured, rank equal with existing 1.25% convertible notes due 2025; redeemable after Sept 2027 if stock >=130% of conversion price.

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