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Zynga Inc. Announces Pricing of Offering of $600 Million of Convertible Senior Notes

Business Wire



Reading Time: 4 minutes

SAN FRANCISCO–(BUSINESS WIRE)–Zynga Inc. (Nasdaq: ZNGA), a global leader in interactive entertainment,
today announced the pricing of $600 million aggregate principal amount
of 0.25% convertible senior notes due 2024 (the “notes”) in a private
placement to qualified institutional buyers pursuant to Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”). Zynga
also granted the initial purchasers of the notes a 13-day option to
purchase up to an additional $90 million aggregate principal amount of
the notes. The sale of the notes is expected to close on June 14, 2019,
subject to customary closing conditions.

The notes will be senior unsecured obligations of Zynga and will accrue
interest payable semiannually in arrears on June 1 and December 1 of
each year, beginning on December 1, 2019, at a rate of 0.25% per
year. The notes will mature on June 1, 2024, unless earlier converted,
repurchased or redeemed. The initial conversion rate will be 120.3695
shares of Zynga’s Class A common stock (“common stock”)
per $1,000 principal amount of notes (equivalent to an initial
conversion price of approximately $8.31 per share of common stock). The
initial conversion price of the notes represents a premium of
approximately 32.5% over the last reported sale price of Zynga’s common
stock on the Nasdaq Global Select Market on June 11, 2019. The notes
will be convertible into cash, shares of Zynga’s common stock or a
combination of cash and shares of Zynga’s common stock, at Zynga’s

Zynga may redeem the notes, at its option, on or after June 5, 2022, if
the last reported sale price of Zynga’s common stock has been at least
130% of the conversion price then in effect for at least 20 trading days
(whether or not consecutive) during any 30 consecutive trading-day
period (including the last trading day of such period) ending on and
including the trading day immediately preceding the date on which Zynga
provides notice of redemption at a redemption price equal to 100% of the
principal amount of the notes to be redeemed, plus accrued and unpaid
interest to, but excluding, the redemption date.

If a “fundamental change” (as defined in the indenture governing the
notes) occurs at any time prior to the maturity date, holders of the
notes may require Zynga to repurchase for cash all or any portion of
their notes at a repurchase price equal to 100% of the principal amount
of the notes to be repurchased, plus accrued and unpaid interest. In
addition, following certain corporate events or if Zynga issues a notice
of redemption, Zynga will, under certain circumstances, increase the
conversion rate for holders who convert their notes in connection with
such corporate event or notice of redemption.

Zynga estimates that the net proceeds from the offering will be
approximately $584.5 million (or $672.3 million if the initial
purchasers exercise their option to purchase additional notes in full),
after deducting the initial purchasers’ discounts and estimated offering
expenses payable by Zynga. Zynga intends to use a portion of the net
proceeds to pay the cost of the capped call transactions described
below. Zynga intends to use the remainder of the net proceeds for
working capital and other general corporate purposes, which may include
capital expenditures, the repayment of debt, and potential acquisitions
and future transactions. However, it has not designated any specific
uses and has no current agreements with respect to any material
acquisition or strategic transaction.

In connection with the pricing of the notes, Zynga entered into capped
call transactions with one or more of the initial purchasers and/or
their respective affiliates (the “option counterparties”). The capped
call transactions are expected generally to reduce potential dilution to
Zynga’s common stock upon any conversion of notes and/or offset any cash
payments Zynga is required to make in excess of the principal amount of
converted notes, as the case may be, with such reduction and/or offset
subject to a cap initially equal to $12.54 per share (which represents a
premium of 100% over the last reported sale price of Zynga’s common
stock on the Nasdaq Global Select Market on June 11, 2019), subject to
certain adjustments under the terms of the capped call transactions. If
the initial purchasers exercise their option to purchase additional
notes, Zynga expects to enter into additional capped call transactions
with the option counterparties.

Zynga expects that, in connection with establishing their initial hedges
of the capped call transactions, the option counterparties or their
respective affiliates may enter into various derivative transactions
with respect to Zynga’s common stock and/or purchase shares of Zynga’s
common stock concurrently with or shortly after the pricing of the
notes. This activity could increase (or reduce the size of any decrease
in) the market price of Zynga’s common stock or the notes at that time.

In addition, Zynga expects that the option counterparties or their
respective affiliates may modify their hedge positions by entering into
or unwinding various derivatives with respect to Zynga’s common stock
and/or purchasing or selling Zynga’s common stock or other securities of
Zynga in secondary market transactions following the pricing of the
notes and prior to the maturity of the notes (and are likely to do so
during any observation period related to a conversion of notes). This
activity could also cause or prevent an increase or a decrease in the
market price of Zynga’s common stock or the notes, and to the extent the
activity occurs during any observation period related to a conversion of
notes, this could affect the value of the consideration that a
noteholder will receive upon conversion of its notes.

Neither the notes, nor any shares of Zynga’s common stock potentially
issuable upon conversion of the notes, have been, nor will be,
registered under the Securities Act or any state securities laws and,
unless so registered, such securities may not be offered or sold in the
United States absent registration or an applicable exemption from, or in
a transaction not subject to, the registration requirements of the
Securities Act and other applicable securities laws.

This press release is neither an offer to sell nor a solicitation of an
offer to buy any securities, nor shall it constitute an offer,
solicitation or sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such jurisdiction.


Investor Relations:
Rebecca Lau

Sarah Ross

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Business Wire

RiskFirst and Insight Partner to Provide Improved Investment Fund Modelling and Analytics to the UK DB Pensions Industry

Business Wire



Reading Time: 3 minutes

Insight will provide direct access to data for its LDI pooled funds
and credit buy-and-maintain funds through RiskFirst’s market-leading
risk management platform PFaroe.

, one of the world’s largest global asset management
companies, and financial technology company, RiskFirst, are joining
forces to significantly improve ease of fund modelling for the UK
defined benefit (DB) pensions market. Insight will upload data and
characteristics of its LDI pooled funds and its buy-and-maintain funds
into RiskFirst’s PFaroe modelling system, making them available for use
across RiskFirst’s UK client base of consultants and pension plans.

RiskFirst’s clients will be able to easily incorporate Insight
Investment funds – in which they may already invest or are considering
investing – in a broad range of analyses, delivering detailed
information to their fingertips and removing the need for funds to be
set up individually. At the same time, Insight will be able to provide
accurately modelled fund data directly to multiple existing and
prospective clients, reducing duplicate uploading to separate client

Simon Robinson, Head of Product Management, RiskFirst, says: “We are
pleased that the power and potential of PFaroe as an innovative and
collaborative industry platform continues to grow. By working with
Insight, we are transforming the way in which our clients can view and
analyse funds, creating a central point of access that improves
transparency, convenience and efficiency – thereby delivering
significant added value to their businesses and investment strategies.”

Joanna Howley, Head of Pooled Solutions, Insight Investment, comments:
“Providing detailed risk and cashflow data on a range of investment
funds used by mutual clients for risk hedging and cashflow management
through PFaroe allows clients to more easily check they have the optimal
investments to suit their needs. We see this creating an efficient,
effective framework for fund accessibility, modelling and analysis.”

– END –

About Insight Investment

Insight is a leading asset manager currently managing over £600bn of
assets1 on behalf of leading pension funds, sovereign wealth
funds, corporations and insurers. A key focus for Insight over the past
15 years has been to help deliver outcome-oriented investment products
to clients helping them to manage unrewarded risks such as interest
rate, inflation and increasingly cashflow risks.

Insight’s range of pooled LDI funds can be used to manage both the
inflation and interest rate risks which impact the funding level of
pension schemes. Its innovative maturing buy-and-maintain funds are used
by investors seeking to invest in credit in a manner designed to mature
to meet pre-specified cash requirements. The range of LDI and maturing
buy-and-maintain funds can be structured in a customised fashion to
reflect each client’s individual risk profile and cash requirements.

1 As at 31 March 2019. Assets under management (AUM) are
represented by the value of cash securities and other economic exposure
managed for clients. Reflects the AUM of Insight, the corporate brand
for certain companies operated by Insight Investment Management Limited
(IIML). Insight includes, among others, Insight Investment Management
(Global) Limited (IIMG), Insight Investment International Limited (IIIL)
and Insight North America LLC (INA), each of which provides asset
management services.

About RiskFirst

RiskFirst is a financial technology company providing modern
technology solutions to Asset Owners, Consultants, Insurers and Asset
Managers to help grow and improve their business. Its core product
PFaroe® is web-based, available anytime and anywhere, and allows users
to evaluate risk from multiple perspectives and perform real-time
scenario stress testing. Initially targeted to defined benefit pension
plans, it is now the market leader in the UK and the US. Over 3,000
plans with more than $1.4tn in assets are now modelled on the PFaroe
platform. RiskFirst has also recently launched a global fixed income
attribution solution, which recognises the differing objectives,
timeframes and opportunity set of each user.

For more information please go to


Anna Sharrock, London
+44 7811 758964

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Business Wire

Hunting H-2 Perforating System Sets Wireline Pump Down Record

Business Wire



Reading Time: 2 minutes

Packs higher charge performance in a shorter footprint than any
other perforating system

HOUSTON–(BUSINESS WIRE)–Hunting Energy Services, a subsidiary of Hunting PLC, the international
energy services company, today announced its H-2 Perforating SystemTM
has set a record for number of multiple-shot perforating guns pumped
down into a horizontal well on wireline.

In a recent Delaware Basin field trial with a major U.S. land operator,
the H-2 Perforating System was utilized to successfully run
45 perforating guns, each with three shots on a single plane, in
conjunction with a plug in a single run.

On previous wells before H-2 became available, the operator had to make
two separate runs to complete a stage with 45 guns due to length
restrictions. As the shortest perforating gun on the market
(7.5-inches), the H-2 system allows more than double the number of guns
per run compared to conventional perforating systems. The patent pending
H-2 Perforating System is available in 3⅛-in. outer diameter and capable
of shooting three shots on a single-plane in 4½-in. or 5½ -in. casing.

The field trials were successful with over 200 H-2 perforating guns run
on multiple wells. Stimulation performance resulting from conventional
perforating gun runs were compared to that of H-2 perforating gun runs
on the same wells. In all cases, running H-2 with EQUAfrac® consistent
hole shaped charges on the same plane resulted in equal fluid
distribution through more entry holes per stage. This method reduced the
required stimulation treatment pressure compared to stages utilizing
conventional perforating systems. Reduction in treatment pressure ranged
from 600 to 1500 psi lower when stimulating H-2 stages, providing
significant savings to the operator.

Not only is the H-2 system the shortest perforating system on the
market, it is also a completely plug and play system utilizing the H-2
charge puck and ControlFire® cartridge technology,
eliminating arming subs, wire connections, and detonating cord. This
state-of-the-art technology provides the most efficient gun loading,
arming, and assembly processes whether in the facility or in the field.

For more information, visit

About Hunting

Hunting PLC is an international energy services provider to the world’s
leading upstream oil and gas companies. Established in 1874, it is a
premium-listed public company traded on the London Stock Exchange. The
Company maintains a corporate office in Houston and is headquartered
in London. As well as the United Kingdom, the Company has operations
in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi
Arabia, Singapore, South Africa, United Arab Emirates and the United
States of America.


John Feuerstein, Hunting, 281-442-7382,

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Business Wire

E-Commerce Explosion Will Generate US$5 Billion in Warehouse Management System Market Revenue and 57,000 New Warehouses Globally By 2025

Business Wire



Reading Time: 2 minutes

LONDON–(BUSINESS WIRE)–#Supplychain–By 2025, The global Warehouse Management System (WMS) market will be
worth US$5 billion, growing at a CAGR of 13.9%, finds global tech market
advisory firm, ABI Research. Over the same forecast period,
57,000 more warehouses will be in operation than in 2018. The continued
growth of the e-commerce market and rising customer expectations are
putting enormous pressure on warehouses to execute more rapid and
flexible deliveries. This is driving investment in warehouse facilities,
automation technologies, and warehouse management systems to coordinate
and optimize operations.

“The warehouse is becoming the engine room of the supply chain and is,
therefore, a focal point for investment from retailers, manufacturers,
and logistics service providers,” says Nick Finill, Principal Analyst at
ABI Research. “As the warehouse technology ecosystem becomes
increasingly complex, supply chain operators require more sophisticated
management systems that can orchestrate the high volume and variety of
intelligent, connected devices and systems within their facilities, as
well as the flow of inventory.”

As the e-commerce boom grows in and extends beyond the established
economies of China, Japan, and Korea, the Asia-Pacific will experience
the highest growth of warehouse facilities and WMS revenue, becoming the
largest market for the software by 2023. The rapid adoption of WMS is
also expected in the emerging economies of the Middle East, Africa, and
Latin America. Europe and North America will experience strong growth as
supply chain operators increase spending on upgraded software systems.

WMS spending will also vary according to industry verticals. The retail,
food and beverage, and manufacturing sectors will be responsible for the
highest growth rate as they catch up with more mature verticals, such as
logistics service providers.

AI-driven Innovation from WMS market leaders such as JDA Software, High
Jump, and Manhattan Associates is enabling substantial flexibility and
functionality in WMS and Warehouse Execution Systems (WES), an
increasingly important orchestration layer linking high-level management
with connected machines. At the device and machine level, greater
automation is creating demand for more sophisticated Warehouse Control
Systems (WCS) from major automated material handling solution providers
such as Bastian Solutions, Dematic, and Honeywell Intelligrated.

“The increasing velocity of goods through the supply chain is driving
demand for real-time decision making and optimization,” says Finill. “As
the margin for error in the warehouse decreases, AI and ML-enabled WMS
solutions are becoming imperative for warehouses that rely on speed,
efficiency, and intelligence to remain competitive.”

These findings are from ABI Research’s Intelligent
Supply Chain
market data report, This report is part of the
company’s Intelligent
Supply Chain
service, which includes research, data, and analyst
insights. Market
 spreadsheets are composed of deep data, market share analysis,
and highly segmented, service-specific forecasts to provide detailed
insight where opportunities lie.

About ABI Research

ABI Research provides strategic guidance to visionaries, delivering
actionable intelligence on the transformative technologies that are
dramatically reshaping industries, economies, and workforces across the
world. ABI Research’s global team of analysts publish groundbreaking
studies often years ahead of other technology advisory firms, empowering
our clients to stay ahead of their markets and their competitors.

For more information about ABI Research’s services, contact us at
+1.516.624.2500 in the Americas, +44.203.326.0140 in Europe,
+65.6592.0290 in Asia-Pacific or visit


Deborah Petrara
Tel: +1.516.624.2558

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