Company News Summary | 24 Nov 2020

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Xero Announces US$600m Convertible Notes Offering

17:31:00 | Associate analysts

Original annuncemenet:Xero Announces US$600m Convertible Notes Offering

Xero announced that it launches an offering of US$600m senior unsecured convertible notes due 2025 (the "Notes") to be issued by its wholly-owned subsidiary, Xero Investments (the "Issuer"), and guaranteed by the Company (the "Offering"). The Company updated that it is intended that the Notes will be listed on the Official List of the Singapore Exchange Securities Trading ("SGX-ST"). Conversion of the Notes will be cash settled unless the Issuer elects to physically settle the conversion by having the Company issue ordinary shares to the relevant Noteholders. As reported, it is intended that the net proceeds will be used (i) to repurchase the Existing Notes; (ii) for potential acquisitions and strategic investments; and (iii) for general corporate purposes.

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