Splunk to Get $1 Billion Investment From Silver Lake
June 22 2021 - 9:07AM
Dow Jones News
By Dave Sebastian
Splunk Inc. said that private-equity firm Silver Lake will make
a $1 billion investment in convertible senior notes to fund growth
initiatives and help it manage its capital structure, including a
share-buyback program of up to $1 billion.
With the investment, Splunk will appoint Kenneth Hao, Silver
Lake's chairman and managing partner, to the board, the
data-platform company said Tuesday. The board will have 11 members,
10 of whom are independent, with Mr. Hao's entry, it said.
The notes will have an initial conversion price of $160 a share
of Splunk stock, Splunk said. The notes will mature in July 2026,
unless earlier repurchased, redeemed or converted, it added. The
notes will have an interest of 0.75% a year, Splunk said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
June 22, 2021 08:58 ET (12:58 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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