NICE Systems Offers $225M in Exchangeable Senior Notes
Wednesday, January 11, 2017 | Comments

NICE Systems intends to offer $225 million aggregate principal amount of exchangeable senior notes due 2024 in a private placement. The exchangeable notes will be general unsecured obligations of NICE Systems, guaranteed by the company.

The notes will be exchangeable at the option of holders into cash, American depositary shares (ADS) each representing one fully paid ordinary share or a combination thereof at NICE Systems’ election. The notes will not be redeemable at NICE Systems’ option prior to their maturity date, except in the event of certain tax law changes. The interest rate, exchange rate and other terms of the exchangeable notes will be determined at the time of the pricing of the offering.

NICE Systems intends to use a portion of the net proceeds of the offering to pay the cost of the exchangeable note hedge transactions and to use the remaining net proceeds of the offering to repay a portion of the outstanding borrowings under the company’s and NICE Systems’ term loan facility.

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