Procore Technologies, Inc. Announces Pricing of Upsized $825.0 Million Offering of Convertible Senior Notes
Procore Technologies, Inc. (NYSE: PCOR) (the “Company” or “Procore”), the leading global provider of construction management software, announced today the pricing of $825.0 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031 (the “notes”) in a private placement (the “offering”) only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering was upsized from the previously announced offering size of $750.0 million aggregate principal amount of the notes. Procore has also granted the initial purchasers of the notes an option to purchase, during a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $125.0 million aggregate principal amount of the notes. The sale of the notes to the initial purchasers is expected to close on August 6, 2026, subject to customary closing conditions.
The notes will be general senior unsecured obligations of Procore and will not bear regular interest and the principal amount of the notes will not accrete. The notes will mature on August 15, 2031, unless earlier converted, redeemed or repurchased.
