Goodwin’s Capital Markets team advised the initial purchasers on Varonis Systems’ Rule 144A offering of 1.00% Convertible Senior Notes due 2029. The $460 million offering included the full exercise of the initial purchasers’ option to purchase $60 million in additional notes. In addition, Goodwin advised certain investment bank dealers that entered into capped call transactions with Varonis in connection with the offering to mitigate Varonis’s equity dilution or offset payments due upon conversion of the notes.
Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Its cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation. Thousands of organizations worldwide trust Varonis to defend their data wherever it lives - across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.
Goodwin’s product team consisted of Jim Barri, John Servidio and Tom Underwood. The corporate team consisted of Michael Minahan, Kim de Glossop, Sne Sadhu and Haley Schubert-Nieh. The regulatory and specialist teams consisted of Dan Karelitz and Garrett Gaughan (Tax); Joel Lehrer (IP); and Jacqueline Klosek, Federica De Santis, Meredith Lussier and Isabelle Staff (Privacy).
For more information, please see Varonis’s pricing press release for the offering.