Fenwick represented DocuSign, Inc. (NASDAQ: DOCU) in its offering and sale of 0% convertible senior notes due 2024 for gross proceeds of $690.0 million, including the full exercise of the $90.0 million option to purchase additional notes granted by DocuSign to the initial purchasers, to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.

DocuSign, a company that helps organizations connect and automate how they prepare, sign, act on and manage agreements, estimates that the net proceeds from the offering will be approximately $677.3 million, after deducting the initial purchasers’ discount and commissions and estimated offering expenses payable by DocuSign.

The offering and sale closed on January 15, 2021. In connection with the offering and sale, Fenwick also assisted DocuSign with its entry into capped call transactions to hedge against potential dilution from the new notes, using $31.4 million of the net proceeds, and in privately negotiated exchange transactions to retire approximately $460.0 million in principal amount of its 0.50% Convertible Senior Notes due 2023 in exchange for cash and shares of DocuSign common stock.

More information can be obtained from DocuSign’s announcement.

The Fenwick transaction team included corporate partners David Bell, Katherine Duncan and David Michaels; associates Lillian Icard, Jenna Hsieh, Nikhil Sharma, Sloka Tankala and Leeza Soulina; and law clerk Riddhi Adhikari.

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