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Envestnet closes $345M convertible notes offering

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Envestnet closes $345M convertible notes offering

Envestnet Inc. on May 25 completed its offering of $345 million of its 1.75% convertible notes due June 1, 2023.

The proceeds include the full exercise of the $45 million option to purchase additional notes granted by the company to the initial purchasers.

The company received net proceeds of around $335.1 million from the offering.

The company intends to use the proceeds to to repay the outstanding principal balance of its revolving credit facility. The remaining net proceeds, together with the increased amounts available under the revolving credit facility, may be used for general corporate purposes, which may include selective strategic investments through acquisitions, alliances or other transactions and to repurchase or retire the company's outstanding 1.75% convertible notes due 2019.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were joint book-running managers for the offering. BMO Capital Markets Corp., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, D.A. Davidson & Co., JMP Securities LLC, MUFG Securities Americas Inc., Robert W. Baird & Co. Inc., Stifel Nicolaus & Co. Inc., SunTrust Robinson Humphrey Inc. and William Blair & Co. LLC were co-managers for the offering.