Check Point Software Technologies To Offer $1.5 Bln Of 0.00% Convertible Senior Notes Due 2030

(RTTNews) - Check Point Software Technologies Ltd. (CHKP) announced its intention to offer $1.5 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2030 in a private offering.

The company expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $225 million aggregate principal amount of the Notes.

The Notes will mature on December 15, 2030.

Check Point plans to allocate the net proceeds from the offering toward several strategic purposes. First, the company will cover the costs associated with the capped call transactions outlined below. Second, it intends to repurchase ordinary shares under its existing share repurchase program, in an amount that could reach up to $225 million, subject to market conditions and other factors.

If the initial purchasers exercise their option to acquire additional Notes, Check Point expects to use part of the proceeds from those sales to enter into further capped call transactions with the designated Option Counterparties. The remaining proceeds from the offering will be directed toward general corporate purposes, supporting the company's broader financial and operational objectives.