Procore raises $950M via convertible notes to fund DroneDeploy acquisition and buyback

Filed August 6, 2026 · Period ending August 3, 2026 · ~1 min read

Key Changes

• high

  Issued $950M of 0% convertible senior notes due 2031, convertible at $82.89/share (50% premium to Aug 3 close of $55.26). Notes convertible into up to 17.2M shares; holders may convert starting Q4 2026 under specified conditions.

  Item 1.01 verify on EDGAR →
• high

  Allocated $692.5M of net proceeds to fund DroneDeploy acquisition and general corporate purposes, $175M to repurchase 3.17M shares at ~$55.21/share, and $59.1M to capped call hedges (cap price $110.52, 100% premium).

  Item 1.01 verify on EDGAR →
• medium

  Capped calls reduce dilution from note conversions up to $110.52/share. Notes redeemable after Aug 2029 if stock trades above 130% of conversion price for 20 of 30 days; holders may put at par upon fundamental change.

  Item 1.01 verify on EDGAR →