CyberArk Software Ltd., a leader in identity security, has announced the pricing of an upsized private offering of $1.1 billion of 0.00% Convertible Senior Notes due 2030. This offering, which was increased from a previously announced $750.0 million, is being made to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The initial purchasers have been granted a 13-day option to purchase up to an additional $150.0 million of the Notes. The sale of the Notes is expected to settle on June 10, 2025, subject to customary closing conditions. CyberArk plans to use the net proceeds of approximately $1,072.4 million for working capital, general corporate purposes, and potentially for acquisitions or investments, although no specific agreements have been made at this time. The Notes and the ordinary shares issuable upon conversion have not been registered under the Securities Act and may not be sold in the U.S. without an applicable exemption.
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