Violin Memory Prices $105.0 Mln Convertible Senior Notes Offering

(RTTNews) - Violin Memory, Inc., (VMEM) said Friday that it has priced its offering of $105.0 million aggregate principal amount of convertible senior notes due 2019 in a private placement.

The company has granted the initial purchaser of the notes an option to purchase up to an additional $15.0 million aggregate principal amount of notes on the same terms and conditions, to cover over-allotments.

The sale of the notes is scheduled to close on September 24.

Violin estimates that the net proceeds from the offering will be about $100.8 million, after deducting the initial purchaser's discount and estimated offering expenses payable by Violin, and assuming no exercise of the initial purchaser's option to purchase additional notes.

THe company plans to use the net proceeds from the offering for general corporate purposes, including working capital and to repay all amounts outstanding and owed under its credit agreement with Silicon Valley Bank.