Core Viewpoint - Commvault Systems, Inc. has announced a private offering of $785 million in 0% Convertible Senior Notes due 2030 to enhance strategic flexibility and fund various corporate activities [2][5]. Group 1: Transaction Details - The offering size was increased from the initially announced $750 million [2]. - The Notes will mature on September 15, 2030, and will not bear regular interest [7]. - An option for initial purchasers to buy an additional $115 million in Notes is available [4]. Group 2: Use of Proceeds - Approximately $86.9 million of the net proceeds will fund capped call transactions [6]. - About $117.7 million will be used to repurchase approximately 0.66 million shares of common stock at a price of $178.78 per share [6]. - Remaining proceeds will be allocated for general corporate purposes, including potential acquisitions or strategic investments [6]. Group 3: Notes Characteristics - The initial conversion rate is set at 4.2215 shares of common stock per $1,000 principal amount, equating to a conversion price of approximately $236.88 per share, representing a 32.5% premium over the last reported sale price [8][9]. - The capped call transactions are designed to offset potential dilution from the conversion of the Notes, with an initial cap price of $357.56 per share [9][13]. - The Notes will not be redeemable before September 22, 2028, and can be redeemed under specific conditions [11]. Group 4: Market Impact - The concurrent share repurchases may have influenced the trading price of Commvault's common stock, potentially leading to a higher initial conversion price for the Notes [17]. - The establishment of hedges related to the capped call transactions may affect the market price of Commvault's common stock and the Notes [14].

Core Viewpoint - enCore Energy Corp. plans to offer $75 million in convertible senior notes due 2030, with an option for initial purchasers to buy an additional $11.25 million [1][2] Group 1: Offering Details - The convertible notes will be senior unsecured obligations, bearing interest payable semi-annually, maturing on August 15, 2030 [2] - Holders can convert their notes under certain conditions, with settlement options including cash, common shares, or a combination [2] - The company may redeem the notes for cash starting August 21, 2028, if the common share price exceeds 130% of the conversion price for a specified period [2] Group 2: Use of Proceeds - A portion of the net proceeds will be used for capped call transactions related to the convertible notes [3] - Remaining proceeds will be allocated to repay outstanding amounts under a loan agreement and for general corporate purposes [3] Group 3: Capped Call Transactions - Capped call transactions are expected to reduce potential dilution of common shares upon conversion of the notes [5] - These transactions will be privately negotiated with financial institutions and are subject to anti-dilution adjustments [4] Group 4: Market Impact - The option counterparties may engage in derivative transactions and purchase common shares, potentially affecting the market price of enCore's shares and the convertible notes [6][7] - This activity could influence the holders' ability to convert the notes and the cash or shares received upon conversion [8] Group 5: Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, being the only U.S. uranium company with multiple Central Processing Plants in operation [10] - The company utilizes in-situ recovery (ISR) for uranium extraction, a proven technology co-developed by its leadership [10] - Future projects include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming [11]

Core Viewpoint - MARA Holdings, Inc. has successfully closed an upsized offering of $950 million in 0.00% convertible senior notes due 2032, with net proceeds of approximately $940.5 million expected to be utilized for various corporate purposes, including acquiring additional bitcoin and repaying debt [1][2]. Group 1: Offering Details - The offering included an option for initial purchasers to buy an additional $200 million in notes within a 13-day period [1]. - The notes are unsecured and will not bear regular interest, with special interest payable under certain conditions starting February 1, 2026 [3]. - The notes will mature on August 1, 2032, and can be redeemed by MARA under specific conditions starting January 15, 2030 [3][4]. Group 2: Use of Proceeds - Approximately $18.3 million of the net proceeds will be used to repurchase $19.4 million of 1.00% convertible senior notes due 2026 [2]. - About $36.9 million will cover costs related to capped call transactions with initial purchasers [2]. - The remaining proceeds will be allocated for acquiring bitcoin, working capital, strategic acquisitions, and debt repayment [2]. Group 3: Conversion and Redemption Features - The notes are convertible into cash, shares of MARA's common stock, or a combination thereof, with an initial conversion rate of 49.3619 shares per $1,000 principal amount [5][6]. - Holders can require MARA to repurchase their notes under certain conditions, including if the stock price falls below the conversion price [4]. - The conversion rate is subject to adjustments based on specific events [6]. Group 4: Market Impact and Hedging - The repurchase of the 1.00% 2026 convertible notes may lead to significant market activity as hedged holders unwind their positions, potentially affecting MARA's stock price [7][8]. - Capped call transactions are expected to mitigate dilution upon conversion of the notes, with an initial cap price of approximately $24.14 per share [9][10]. - Initial hedging activities related to the capped call transactions may also influence the market price of MARA's common stock [11].