Investors see more Xero growth as convertible notes oversubscribed

Fri, 28 Sep 2018

By Paul McBeth Sept. 28 (BusinessDesk) - Investors still see upside in Xero's growth story in oversubscribing to a US$300 million convertible note offer that would see them pay a 70 percent premium to turn those securities into shares. The five-year notes pay annual interest of 2.375 percent and have an initial conversion price of US$46.34, compared to a A$49 reference price. However, to convert that to ordinary shares in 2023 the exercise price is US$60, representing a 70 percent premium. Chief financial officer Sankar Narayan says...

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