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December 6, 2013
08:38 EDTPFPTProofpoint prices $175M of 1.25% convertible senior notes
Proofpoint announced that it has priced $175M aggregate principal amount of 1.25% Convertible Senior Notes due 2018. The size of the offering of the notes was increased from the previously announced aggregate principal amount of $150M. The notes will be unsecured, unsubordinated obligations of Proofpoint, and interest will be payable semi-annually. The notes will have an initial conversion rate of 25.6271 shares of common stock per $1,000 principal amount of notes. This represents an initial conversion price of approximately $39.02 per share. Proofpoint estimates that the net proceeds from the offering will be approximately $169.8M, or approximately $195.3M if the initial purchasers exercise their option to purchase additional notes in full, after deducting the initial purchasers' discount and estimated offering expenses payable by Proofpoint. Proofpoint expects to use the net proceeds from the offering of the notes for general corporate purposes, including potential acquisitions and strategic transactions.
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April 10, 2014
08:57 EDTPFPTImperva should be bought after negative preannouncement, says Pacific Crest
After Impreva preannounced lower than expected Q1 revenue, Pacific Crest blamed the miss on a lack of sales execution and lengthening sales cycles. However, the firm is still upbeat on Imperva's outlook, as it expects demand for security products to increase. Pacific Crest reduced its price target on Imperva to $48 from $62. It recommends buying other IT security names, including Palo Alto (PANW) and Proofpoint (PFPT), on weakness in the wake of Imperva's guidance. The firm keeps Outperform ratings on all the stocks named.
April 4, 2014
09:39 EDTPFPTProofpoint initiated with a Buy at Citigroup (pre-open)
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