CyberArk prices upsized $1.1B offering of convertible senior notes due 2030

CyberArk (CYBR) announced the pricing of $1.1 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended . The offering size was increased from the previously announced offering size of $750.0 million aggregate principal amount of Notes. In connection with the Offering, CyberArk has granted the initial purchasers of the Notes a 13-day option to purchaseup to an additional $150.0 million aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to settle on June 10, 2025 subject to customary closing conditions. The Notes will be convertible based on an initial conversion rate of 1.9614 ordinary shares of CyberArk per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $509.84 per share, which represents a conversion premium of approximately 30.0% to the last reported sale price of CyberArk’s ordinary shares on The Nasdaq Global Select Market on June 5, 2025). Prior to the close of business on the business day immediately preceding February 15, 2030, the Notes will be convertible at the option of the holders of the Notes only upon the satisfaction of specified conditions and during certain periods.