White & Case Advises Varonis on Its US$253 Million Convertible Senior Note Offering

Global law firm White & Case LLP has advised Varonis Systems, Inc., a pioneer in data security and analytics, on its US$253 million offering of 1.25% convertible senior notes due 2025. The notes were sold in a private offering pursuant to Rule 144A under the Securities Act of 1933. The offering closed on May 11, 2020.

“We congratulate the company, its board and management on the successful completion of the offering and on strengthening the company’s balance sheet for the future,” said Colin Diamond, lead transaction partner for the offering.

White & Case also advised Varonis on concurrent capped-call transactions designed to reduce the potential dilution to the company’s common stock upon any conversion of the notes and/or offset any cash payments the company is required to make in excess of the principal amount of converted notes.

“We are excited to have represented Varonis in this important transaction,” said David Thatch, Regional Section Head of Americas Capital Markets at White & Case. “This transaction demonstrates the strength and resilience of the New York tech sector at a time when our City needs good news.”

The White & Case team in New York that advised on the transaction was led by Colin Diamond, Capital Markets partner and Co-Head of White & Case’s Israel Group, and Edward So, Capital Markets partner specializing in derivative transactions. They were supported by associates Scott Levi, Rhys Bortignon, Taryn Zucker, Zoë Kam, and Appy Ali. Partner Ray Simon and associate Kyle Ezzedine advised on US tax matters. 

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