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EXHIBIT 99.1
News Release
FOR IMMEDIATE RELEASE
Contact: Matthew C. Gless
Chief Financial Officer
Peregrine Systems, Inc.
Phone: (858) 481-5000
PEREGRINE SYSTEMS-Registered Trademark- ANNOUNCES PLACEMENT OF 5 1/2%
CONVERTIBLE SUBORDINATED NOTES DUE 2007
SAN DIEGO, NOVEMBER 14, 2000 -- Peregrine Systems, Inc. (Nasdaq: PRGN - NEWS),
today announced that it has sold $250 million of convertible subordinated notes
due 2007 in a private placement.
Interest on the notes will accrue at an annual rate of 5 1/2%. The notes will
mature on November 15, 2007 and are convertible into Peregrine common stock at
$25.00 per share, subject to adjustment.
Peregrine intends to use the net proceeds of the anticipated offering for
general corporate purposes, including capital expenditures and research and
development. Peregrine expects, if the opportunity arises, to use an unspecified
portion of the net proceeds for strategic transactions such as acquisitions,
joint ventures, joint development projects, strategic investments and other
transactions.
This announcement is neither an offer to sell nor a solicitation of an offer to
buy any of these securities.
The notes and the common stock issuable upon conversion of the notes have not
been registered under the Securities Act of 1933, as amended (the "Securities
Act") or any state securities laws, and are being offered only to qualified
institutional buyers in reliance on Rule 144A under the Securities Act and
outside the United States to non-U.S. persons in compliance with Regulation S
of the Securities Act. Unless so registered, the notes and common stock
issued upon conversion of the notes may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of
the Securities Act and applicable state securities laws.
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PEREGRINE SYSTEMS IS A REGISTERED TRADEMARK OF PEREGRINE SYSTEMS, INC.
