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CommVault Orders Another Round

Almost a year after making its IPO, data protection software vendor CommVault has announced a secondary public offering to wipe out a sizeable debt. (See CommVault Announces Offering.)

The vendor, which raised $161 million, hitting the high end of its $14.50 forecast last September, will now offer an additional 7.9 million shares at $17, potentially raising over $134 million. Of these shares, CommVault is selling 300,000 and stockholders are selling just over 7.5 million. That leaves about 42.5 million shares of the original stock.

Credit Suisse Securities, Goldman Sachs, and Merrill Lynch are serving as the joint bookrunners of the offering, with Thomas Weisel Partners, RBC Capital Markets, and C.E. Unterberg acting as co-managers.

In documents filed with the SEC, CommVault explains that the proceeds of the secondary offering will be used to pay the principal and interest on a $6.3 million loan.

The vendor anticipates net proceeds of $4.3 million from the offering, and will also use $2 million of its existing cash and equivalents. This should only make a small dent in the CommVault coffers -- the filing reveals that the vendor had $65 million in cash at the end of March.

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