Latham Advises CyberArk in Upsized US$1.1 Billion Convertible Notes Private Offering

CyberArk Software Ltd., the global leader in identity security, has announced the pricing of US$1.1 billion aggregate principal amount of 0.00% convertible senior notes due 2030 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The offering size was increased from the previously announced offering size of US$750 million aggregate principal amount of notes. In connection with the offering, CyberArk has granted the initial purchasers of the notes a 13-day option to purchase up to an additional US$150 million aggregate principal amount of the notes. The sale of the notes to the initial purchasers is expected to settle on June 10, 2025 subject to customary closing conditions.

Latham & Watkins advised CyberArk in the offering with a capital markets team led by London partner Josh Kiernan, New York partners Benjamin Cohen and Reza Mojtabaee-Zamani, and New York counsel Polina Tulupova, with associates Zoey Wu, Adam Picker, Samantha Pannone, Shawn Noh, Daniel Weiss, and Henry Lin; on tax matters by New York partners Elena Romanova and Aaron Bernstein, with associate Farrah Yan; and on public company matters by Washington, D.C. partner Julia A. Thompson and Washington, D.C. counsel Jonathan Drory.