Planet Labs Prices Upsized $400 Mln Offering Of 0.50% Convertible Senior Notes Due 2030

(RTTNews) - Planet Labs PBC (PL) announced the pricing of $400 million aggregate principal amount of 0.50% Convertible Senior Notes due 2030 in a private offering. The size of the offering was increased from the previously announced offering size of $300 million aggregate principal amount of the notes.

Planet also granted the initial purchasers of the notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date the notes are first issued, up to an additional $60 million aggregate principal amount of the notes solely to cover over-allotments. The sale of the notes to the initial purchasers is expected to settle on September 12, 2025.

The notes will be general, unsecured obligations of Planet. The notes will bear interest at a rate of 0.50% per year. Interest will be payable semi-annually in arrears on April 15 and October 15 of each year, beginning on April 15, 2026. The notes will mature on October 15, 2030, unless earlier converted, redeemed or repurchased. Planet may not redeem the notes prior to October 20, 2028.

Planet estimates that the net proceeds from the offering will be approximately $387.5 million (or approximately $445.8 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers' discounts and estimated offering expenses payable by Planet.

The company Plans to use $34.4 million of the net proceeds to pay the cost of the capped call transactions described below. It intends to use the remainder of the net proceeds from the offering for general corporate purposes.