Axon $690 million convertible senior notes offering
Davis Polk advised the representatives of the initial purchasers on a Rule 144A offering by Axon Enterprise, Inc. of $690 million aggregate principal amount of 0.50% convertible senior notes due 2027, which included $90 million principal amount of notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. In addition, Davis Polk advised counterparties to the convertible note hedge and warrant transactions in connection with the convertible notes offering. Axon’s common stock is listed on the Nasdaq Global Select Market under the symbol “AXON.”
Axon is a technology leader in global public safety and is building the public safety operating system of the future by integrating a suite of hardware devices and cloud software solutions that lead modern policing. Axon’s suite includes TASER energy devices, body-worn cameras, in-car cameras, cloud-hosted digital evidence management solutions, productivity software and real-time operations capabilities. Axon’s growing global customer base includes first responders across international, federal, state and local law enforcement, fire, corrections and emergency medical services, as well as the justice sector, commercial enterprises and consumers.
The Davis Polk capital markets team included partner Marcel Fausten and associates Michael Jiang and Lincoln Jim. The equity derivatives team included partner Caitlin L. Wood, counsel Justin Michael and associates Joseph Luizzi and Amy Cheng. Partner Michael Farber and associates Charles Collier and Michelle Zhao provided tax advice. All members of the Davis Polk team are based in the New York office.