JWCA advises Bandwidth on the repurchase of $100 million convertible notes for cash
March 2026 | READ PRESS RELEASE
In March 2026, JWCA advised Bandwidth (the “Company”) on the cash repurchase of $100mm of its outstanding 2028 convertible notes. Bandwidth wanted to opportunistically repurchase a portion of the outstanding 2028 notes at a discount to par to prudently manage its outstanding liability and capital structure
Bandwidth’s objectives included:
De-lever at a discount: opportunistically retire a portion of the convertible to reduce the Company’s total debt balance at a discount
Minimize transaction and friction costs: execute as efficiently as possible with a focus on minimizing execution costs
JWCA acted as Repurchase Agent for Bandwidth and provided the following support for the Company:
Provided analysis and advice around tactics related to investor targeting and engagement
Investor targeting, outreach, price negotiation and execution of repurchases
Assisted the Company with the analysis of convertible economics and pricing dynamics
Results
Bandwidth executed a successful liability management transaction for its 0.50% convertible notes due 2028:
The Company repurchased $100mm face value of their 2028 convertible notes (40% of outstanding) for cash at a discount to par
This is JWCA’s sixth advisory assignment for the Company after advising Bandwidth on its convertible issuance in February 2020 and 5 subsequent repurchases