JWCA HELPS 8x8 issue $137.5 million BY DESIGNING A NOVEL STRUCTURE TO RE-OPEN ITS existing CONVERTIBLE BOND

December 2021 | read press release

Transaction Background

8x8 was interested in accessing the convertible debt market to raise opportunistic capital to finance the recently announced acquisition of Fuze Inc. and for general corporate purposes 

Similar to the November 2019 re-opening transaction in which JWCA advised 8x8 in raising $75 million to fund the acquisition of Wavecell, JWCA once again designed a novel and innovative transaction that allowed the new convertible securities to be issued under the same indenture and become fungible with the existing tranche

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

• Transaction design and documentation

• Tax fungibility

• Share repurchase vs capped call

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

Results

The re-opening execution was quicker and more efficient than a new convertible issuance

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

The Company repurchased shares from participating investors in order to minimize friction costs and maximize pricing efficiency

Confidential marketing followed by an overnight execution eliminated stock price and market risk to the Company