JWCA HELPS 8x8 RAISE $75 million BY DESIGNING A NOVEL STRUCTURE TO RE-OPEN ITS CONVERTIBLE BOND AND CAPPED CALL

NOVEMBER 2019 | read press release

Transaction Background

8x8 was interested in accessing the convertible debt market to raise opportunistic capital to replenish $73mm used for the acquisition of Wavecell Pte. Ltd. in July 2019 for general corporate purposes

JWCA designed an innovative transaction that allowed the new securities to be immediately fungible with the existing tranche

JWCA provided extensive analytics and support to aid in key decisions, including:

• Transaction design and documentation

• Tax fungibility

• Capped call execution

• Investor messaging

JWCA provided advice, support and analysis throughout the design, negotiation, and execution process

Results

Achieved the most efficient economic outcome for the Company by maximizing investor demand and minimizing friction costs

Overnight transaction removed stock price risk to the Company

The Company obtained aggressive pricing on the related capped call transaction without a formal bid process