The Firm represented Commvault Systems, Inc. (“Commvault”) in connection with its offering of $900 million aggregate principal amount of 0% Convertible Senior Notes due 2030, which amount includes the full exercise of the initial purchasers’ option to purchase additional notes. In addition, the Firm represented Commvault in connection with capped call transactions entered into with an affiliate of one of the initial purchasers and certain other financial institutions concurrently with the Notes offering.
Commvault intends to use the net proceeds from the Notes offering (i) to fund the cost of entering into the capped call transactions; (ii) to repurchase shares of its common stock pursuant to its existing share repurchase program concurrently with the pricing of the offering in privately negotiated transactions effected with or through an affiliate of one of the initial purchasers; and (iii) for general corporate purposes, which may include acquisitions or strategic investments in complementary businesses or technologies.
Commvault helps customers be resilient against outages and cyberattacks, including ransomware, by protecting and rapidly recovering their data and cloud-native applications. Commvault provides products and services across many types of environments, including on-premises, hybrid, multi-cloud and SaaS.
The Simpson Thacher team included Roxane Reardon, Matt Hart, Sharon Foster and Delia Li (Capital Markets); Jonathan Lindabury, Marc Langer, Lindsey Meyers-Perez and Jhaton White (Derivatives); Drew Purcell, Jonathan Cantor, Edward Grais and Jemma Li (Tax); Jeanne Annarumma (ECEB); and Corina Holland (Intellectual Property).