Xero announces settlement of US$700m zero coupon convertible notes due 2025
WELLINGTON, 3 December 2020-Further to the announcements by Xero Limited (ASX: XRO) ("Xero")
on 24 November and 25 November, Xero is pleased to announce the settlement of US$700 million zero
coupon convertible notes due 2025 (the "Offering") and the concurrent repurchase of US$297,000,000
of the Guaranteed Convertible Notes due 2023 ("Existing Notes") for a total consideration of
US$666,408,600. As part of the buyback consideration in respect of the Existing Notes, Xero has issued
3,750,005 ordinary shares amounting to US$374,235,360.23 based on the Reference Share Price of
The convertible notes will be listed on the Singapore Exchange Securities Trading Limited (SGX - ST) at
9am (SGT) on 3 December 2020.
Goldman Sachs International and Morgan Stanley & Co. International plc acted as Joint Lead
Managers on the Offering.
Pursuant to the terms and conditions of the Existing Notes, Xero (through its wholly owned subsidiary,
Xero Investments Limited) intends to commence redemption of the remaining Existing Notes which
were not repurchased under the concurrent repurchase conducted with the Offering (representing an
aggregate principal face value of US$3,000,000).
Authorised for release to the ASX by the Chair of the Board
Xerois a cloud-based accounting software platform for small businesses with 2.45 million subscribers
globally. Through Xero, small business owners and their advisors have access to real-time financial
data any time, anywhere and on any device. Xero offers an ecosystem of over 800 third-party apps and
200 plus connections to banks and other financial partners. In 2020, Xero was included in the
Bloomberg Gender-Equality Index and recognised byIDC MarketScapeas a leader in its worldwide
SaaS and cloud-enabled small business finance and accounting applications vendor assessment.
Xero Limited (XRO) Registered Address www.xero.com
NZ Company no. 1830488 19-23 Taranaki St
ARBN 160 661 183 Te Aro
Toby Langley - Investor Relations
Mobile: +61 (450) 223995
Kate McLaughlin - Communications
Mobile: +64 (27) 5334529
Xero Limited published this content on 03 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2020 22:32:08 UTC