Howard Rice Represents Digital River in its $175 Million Private Placement of Convertible Senior Notes
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San Francisco, CA—June 2, 2004—Howard Rice Nemerovksi Canady Falk & Rabkin represented Digital River, Inc. (Nasdaq: DRIV) in its recent sale of $175 million of Convertible Senior Notes due January 1, 2024, in a private, unregistered offering.
The Howard Rice team was led by director Teresa Johnson. Also participating in the representation were associates Julia Vax, David Tang, Clay Coon, Amanda Olsson, Jason Nahm, Dawn Marie Taylor, and Howard Rice director Michael Sullivan, the company's principal outside corporate counsel. Director Stuart Lipton and associate William Needle advised Digital River on tax issues related to the notes.
The sale was made to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933 and outside the United States pursuant to Regulation S of the Securities Act. Digital River has granted the initial purchasers the option to purchase up to an additional $20 million of Convertible Senior Notes.
A portion of the net proceeds of the offering was used to repay Digital River's senior secured revolving credit facility. Digital River expects to use the balance for general corporate purposes, including working capital, capital expenditures, potential future acquisitions, investments, and the repurchase of shares of its common stock.
*************************** Howard Rice Nemerovski Canady Falk & Rabkin P.C. is a San Francisco-based law firm with leading national and international practices, representing entities and individuals across a comprehensive range of practice areas. Our clients are among the most sophisticated consumers of legal services and include: Amazon Digital Services, Inc.; Beverages & More!; The Charles Schwab Corporation; Citigroup Global Markets, Inc.; Digital River, Inc.; First Republic Bank; Genentech, Inc.; Google, Inc.; Hewlett-Packard Co.; Morgan Stanley; The Oakland Raiders; PlanetOut Inc.; Sony Online Entertainment; United States Olympic Committee; and Wells Fargo & Company.
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