Concur Raises $287.5M in Debt Financing
Redmond, WA-based Concur Technologies (NASDAQ:CNQR) announced this week it has raised $287.5 million in convertible note debt financing, payable at an annual interest rate of 2.5 percent. The notes will mature on April 15, 2015, and will convert into equity if the stock price is above $52.35 per share, which represents a 25 percent increase over $41.88, the closing price of Concur’s common stock on March 30, 2010. Proceeds from the financing will be used for “general corporate purposes, including potential acquisitions and strategic transactions,” according to the release. Concur, which is led by CEO Steve Singh, makes online software for managing employee expenses and corporate travel. Last month, the company announced its product was among the initial set of offerings available in the new Google Apps Marketplace for businesses.