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MindBody raising $270 million through securities offering

By   /   Wednesday, June 6th, 2018  /   Comments Off on MindBody raising $270 million through securities offering

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Story updated at 3 p.m. June 8:

Wellness-oriented software firm MindBody announced new details in its plans to raise capital through a debt securities offering for private investors June 8.

The San Luis Obispo-based company raised its goal from $200 million to $270 million in convertible senior notes, which will come due in 2023. Net proceeds from the investment will go toward working capital and potential acquisitions by a company that has laid out hundreds of millions of dollars over a handful of deals since 2016, including its recent $150 million cash deal to buy Booker Software.

Interest of 3.75 percent will be payable semiannually, MindBody said in a statement. The offering is expected to close June 12, and initial purchasers will have a 13-day option to purchase another $40.5 million – previously $30 million – in principal amount of the notes.

Shares for the company rose 2.6 percent on June 8 to $39.10.

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