JWCA advises Bain Capital Private Equity and Silver Lake Partners on their $625 million private convertible sale of NortonLifeLock, Inc.

September 2020 | read press release

Transaction Background

Bain Capital and Silver Lake successfully sold their privately held $625mm of NortonLifeLock’s 2.00% convertible due August 15, 2022

Bain Capital and Silver Lake engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation and execution of its transaction

Bain Capital and Silver Lake objectives:

• Capitalize on market momentum in NLOK stock and bonds

• Execute sale as quickly and efficiently as possible

JWCA provided analysis for Bain Capital and Silver Lake on deal structuring and executed the sale of the notes with convertible investors via a wall cross process:

• Convertible valuation analysis Market timing

• Execution of wall cross to overnight execution with convertible investors

Results

Bain Capital and Silver Lake’s private convertible sale was well-received by convertible investors 

Overnight execution eliminated stock price risk for Bain Capital and Silver Lake, and the wall-cross process ensured no leakage or market impact