JWCA advises Model N on its $172.5 million convertible bond issuance

May 2020 | read press release

Transaction Background

Notwithstanding a market flooded with an unprecedented supply of new convertible issuance, Model N took advantage of recent strong momentum in its stock price to successfully raise $172.5mm in the convertible market

Model N engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation and execution of its transaction

JWCA provided extensive analysis and support for Model N on deal structuring and related items, including:

• Convertible structuring

• Provisional call and make-whole mechanics

• Derivative overlay structuring and considerations

• Accounting and tax analysis / implications

• Syndicate structure and precedent data

• Convertible documentation 

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

Results

Model N was able to successfully execute its convertible offering while pricing within the marketed range

JWCA advised management on the day of the offering, providing execution insight and ensuring a high-quality execution

Company successfully refinanced credit facility with convertible proceeds