Nutanix intends to use (i) approximately $95.5 million of the net proceeds from the offering to repurchase $75.0 million aggregate principal amount of its outstanding 0.25% Convertible Senior Notes due 2027 (the "2027 notes”) and (ii) approximately $200.0 million of the net proceeds from the offering to repurchase approximately 3.1 million shares of its Class A common stock, in each case, in privately negotiated transactions effected through one of the initial purchasers of the notes or its affiliates, acting, as Nutanix’s agent, at a purchase price per share equal to the closing price of Nutanix’s Class A common stock on December 11, 2024, which was $64.78 per share (the "Share Repurchases”).
Nutanix may redeem for cash all or a portion of the notes, at its option, on or after December 20, 2027, if the last reported sale price of Nutanix’s Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Nutanix provides a notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.
Any repurchase of the 2027 notes, and the potential related market activities by holders thereof, together with the repurchase by Nutanix of any of its Class A common stock, could increase (or reduce the size of any decrease in) the market price of Nutanix’s Class A common stock, which may affect the trading price of the notes and the conversion price of the notes.
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