JWCA advises jamf on its inagural $374 million convertible and capped call

September 2021 | read press release

Transaction Background

Jamf successfully raised $374 million (including $48.75 million greenshoe) in the convertible market at very attractive terms (0.125% coupon and 40.0% conversion premium)

Jamf took advantage of strong underlying market conditions and recent momentum in its stock to successfully execute its first convertible bond and capped call

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

JWCA provided extensive analysis for Jamf on deal structuring and related items, such as:

• Convertible structuring

• Derivative overlay structuring

• Accounting and tax analysis/implications

• Syndicate structure and precedent data

• Convertible and capped call documentation advice to ensure maximum value and future efficiency/flexibility for the company

JWCA designed and ran a capped call auction process to achieve competitive terms

JWCA provided advice, support and analysis throughout the negotiation and execution process

Results

Jamf’s convertible issuance was very well-received by investors

• The transaction was multiple times oversubscribed, reflecting strong investor interest and demand in the Company’s debut offering

• The Company was able to achieve a 0.125% coupon (the low end) and 40.0% conversion premium (above the company-friendly end)

• This was the best combination of coupon and conversion premium for a sub-$5 billion market cap technology company in 6 months (March of 2021)

Capped call documentation and auction process produced meaningful savings for Jamf, while maximizing flexibility for the Company