Pegasystems Completes $600M Convertible Senior Notes Offering

Choate represented Pegasystems in connection with its issuance of $600M of 0.75% convertible senior notes due 2025 via a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Pegasystems, a global leader in software for digital transformation, also entered into separate privately negotiated capped call transactions expected generally to reduce potential dilution to Pegasystem's common stock upon any conversion of Notes and/or offset any potential cash payments Pegasystems is required to make in excess of the principal amount of converted Notes.