Online software vendor Xero is issuing $300 million in notes to provide funds for acquisition. The offering for 2.375 per cent guaranteed senior unsecured convertible notes due 2023, which will trade on the Singapore exchange, is expected to closed on October 4.
The company said there are no talks or identified acquisition targets currently. The issue follows on the summer acquisition of Hubdocs
The announcement described the use of proceeds as “for potential acquisitions of, and investments into, strategic and complementary businesses and assets which are in line with Xero’s strategy to drive long-term shareholder value.”
“We see the additional financial flexibility provided by this offering as supporting the significant opportunity we have to enhance and extend Xero’s small business platform and ecosystem capabilities, through the pursuit of complementary targeted acquisitions,” CEO Steve Vamos said in in a prepared statement.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
