Bandwidth Inc. $400 Million Convertible Senior Notes Offering

Davis Polk advised the initial purchasers in connection with a Rule 144A offering by Bandwidth Inc. of an aggregate principal amount of $400 million of its 0.25% convertible senior notes due 2026, which included $50 million aggregate principal amount of notes issued pursuant to the full exercise of the initial purchasers’ option to purchase additional notes. In addition, Davis Polk advised the counterparties to capped call transactions in connection with the offering.

Based in Raleigh, North Carolina, Bandwidth is a cloud-based communications platform for enterprises. Its solutions include a broad range of software application programming interfaces for voice and text functionality and an owned and managed, purpose-built Internet protocol voice network, one of the largest in the nation.

The Davis Polk corporate team included partner Richard D. Truesdell Jr. and associates Angela Park and Stephen H. Karp. The equity derivatives team included partner Ray Ibrahim, counsel Faisal Baloch and associates Hanbing Zhang and Crystal Chi. The tax team included partner Po Sit. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Jay Frankel. All members of the Davis Polk team are based in the New York office.