Nutanix Announces Receipt of Notice of Conversion for its 2.50% Convertible Senior Notes due 2026
10 Juin 2024 - 10:26PM
Business Wire
Nutanix (NASDAQ: NTNX), a leader in hybrid multicloud computing,
today announced that it received a notice of conversion from BCPE
Nucleon (DE) SPV, LP, an entity affiliated with Bain Capital, for
the conversion of $817.6 million aggregate principal amount,
representing the entire outstanding principal amount, of Nutanix’s
2.50% convertible senior notes due 2026, which Nutanix originally
issued in September 2020 and were redeemable under certain
circumstances by Nutanix on or after September 15, 2025. In
accordance with the indenture governing the notes, the effective
conversion value at the time of conversion is calculated based on a
25-trading day trailing volume-weighted average price of Nutanix’s
Class A common stock of approximately $65.51 per share. Under the
terms of the indenture governing the 2026 Notes, Nutanix is
required to settle the conversion by paying $817.6 million in cash
and delivering approximately 16.9 million shares of Class A common
stock. Nutanix expects to use its existing balance sheet liquidity
to settle the cash portion of the conversion. Nutanix expects to
deliver the shares in late July 2024, following required regulatory
approvals. Following the conversion of the notes, Max de Groen and
David Humphrey, Partners at Bain Capital, will continue to serve as
members of Nutanix’s Board of Directors.
“We have been really pleased with our partnership with Nutanix
over the last several years, particularly during its transformation
from a pioneer of hyperconverged infrastructure into a much broader
hybrid multicloud platform provider. We continue to believe in the
future of Nutanix. Their innovative technology, market position and
operational discipline are enviable,” said David Humphrey of Bain
Capital. “We expect to remain a long-term investor in Nutanix and
have no current plans to sell the shares we will receive upon
conversion of the notes. David and I look forward to continuing our
service on the Nutanix Board,” added Max de Groen.
“We appreciate the support, guidance and counsel that Bain has
provided us over the past several years and are pleased with their
sustained endorsement,” said Rajiv Ramaswami, President and Chief
Executive Officer of Nutanix. “We also look forward to our
continued partnership with David and Max as we continue to work on
delivering sustainable, profitable growth for our
stockholders.”
About Nutanix
Nutanix is a global leader in cloud software, offering
organizations a single platform for running apps and data across
clouds. With Nutanix, companies can reduce complexity and simplify
operations, freeing them to focus on their business outcomes.
Building on its legacy as the pioneer of hyperconverged
infrastructure, Nutanix is trusted by companies worldwide to power
hybrid multicloud environments consistently, simply, and
cost-effectively. Learn more at www.nutanix.com or follow us on
social media @nutanix.
© 2024 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix
logo, and all Nutanix product and service names mentioned herein
are registered trademarks or unregistered trademarks of Nutanix,
Inc. (“Nutanix”) in the United States and other countries. Other
brand names or marks mentioned herein are for identification
purposes only and may be the trademarks of their respective
holder(s). This press release is for informational purposes only
and nothing herein constitutes a warranty or other binding
commitment by Nutanix. This release contains express and implied
forward-looking statements, which are not historical facts and are
instead based on current expectations, estimates and beliefs,
including statements concerning the expected settlement of the
notes and timing thereof, the expected sources of liquidity for the
settlement of the notes, Bain Capital’s expectations and plans, and
the continued partnership. The accuracy of such statements involves
risks and uncertainties and depends upon future events, including
those that may be beyond Nutanix’s control, and actual results may
differ materially and adversely from those anticipated or implied
by such statements. Any forward-looking statements included herein
speak only as of the date hereof and, except as required by law,
Nutanix assumes no obligation to update or otherwise revise any of
such forward-looking statements to reflect subsequent events or
circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20240610079515/en/
Media Contact: Jennifer Massaro pr@nutanix.com
Investor Contact: Richard Valera ir@nutanix.com
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