Fenwick represented Bill.com Holdings (NYSE: BILL), a leading provider of cloud-based software that simplifies, digitizes and automates back-office financial processes for small and mid-sized businesses, in its offering of 0% convertible senior notes due 2025 for gross proceeds of $1.15 billion. The proceeds include the full exercise of the $150 million option granted by Bill.com to the initial purchasers of the notes.

Bill.com estimates that the net proceeds from the offering will be approximately $1.1 billion, after deducting the initial purchasers’ discount and estimated offering expenses payable by Bill.com. The company intends to use the remaining net proceeds for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions and strategic transactions.

In connection with the pricing of the notes and the full exercise of the option by the initial purchasers to purchase additional notes, Bill.com entered into capped call transactions with one or more financial institutions. More information can be obtained from Bill.com’s announcement.

The Fenwick transaction team included corporate partners Mark Stevens, David Michaels and James Evans; partner elect Julia Forbess; and associates Michael Shaw, Jenna Hsieh and Alyssa Zhang.

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