JWCA advises TechTarget on the repurchase of ~$48.3mm convertible notes for cash at a meaningful discount to par

August 2023 | read press release

Transaction Background

In August 2023, JWCA advised TechTarget (“TTGT”) on the cash repurchase of ~$48.3mm of its outstanding 2025 convertible. TechTarget wanted to repurchase their notes at a significant discount to par to opportunistically manage their outstanding liabilities and capital structure.

TechTarget’s objectives included:

• De-lever: retire majority of the 2025 convertible to reduce debt balance

• Capture a sizeable yield-to-maturity by purchasing the notes at a meaningful discount to par, while also saving a significant amount of cash at maturity

• Minimize transaction and friction costs: execute as efficiently as possible with a focus on minimizing execution costs

In its role as Repurchase Agent for the transaction, JWCA provided the following support for the Company:

Provided analysis and advice around tactics related to investor targeting and engagement

Led the investor outreach, negotiation, and execution of repurchases

Assisted the company with the analysis of convertible economics and pricing dynamics

Results

TechTarget executed a successful liability management transaction for its 0.125% convertible notes due 2025:

• TTGT repurchased ~$48.3mm face value of their convertible notes (~94% of outstanding) for cash at a meaningful discount to par