Salesforce Is Raising $1 Billion In Long-Term Convertible Debt
Salesforce.com has announced that they are intending to raise $1 billion in long-term convertible debt with potential for $150 million more. As of the end of Salesforce.com’s most recent quarter, the company had cash and cash equivalents of $747 million and short-term marketable securities of $120 million.
Salesforce.com plans to hedge the debt to prevent the potential dilution of their stock. Salesforce.com plans on using the cash for potential acquisitions or investments in complementary businesses. Salesforce is currently a $27 billion company based on market capitalization.