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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 PRICING OF 5 1/2% CONVERTIBLE
SUBORDINATED NOTES DUE 2007
SAN DIEGO, NOVEMBER 10, 2000--Peregrine Systems, Inc. (Nasdaq: PRGN--news),
today announced that it has completed the pricing of a private placement of
$250 million of Convertible Subordinated Notes due 2007 (plus an additional
amount of up to $37.5 million at the option of the purchasers).
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. The closing of the offering is
subject to customary closing conditions.
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.
