$450 million…up to $20 million to repurchase shares (which is somewhat small compared to the total $450, which could partially be converted to shares in 2023, from my reading)
Pure Storage intends to use a portion of the net proceeds of the offering to pay the cost of the capped call transactions described below. Pure Storage intends to use the remainder of the net proceeds for general corporate purposes and to repurchase up to $20 million of shares of its Class A common stock. Pure Storage expects to repurchase such shares in privately negotiated transactions at a purchase price equal to the closing price per share of its Class A common stock on the New York Stock Exchange on the date of the pricing of the offering. These repurchases of Class A common stock could increase (or reduce the size of any decrease in) the market price of Pure Storage’s Class A common stock or the notes prior to or concurrently with the pricing of the notes, and could result in a higher effective conversion price for the notes. Pure Storage may also use a portion of the net proceeds from this offing for the acquisition of, or investment in, technologies, solutions or businesses that complement its business, although it has no commitments or agreements to enter into any such acquisitions or investments at this time
Also, from Monday, a new board member for Pure Storage, Jeff Rothschild. He used to be VP of Infrastructure Engineering for Facebook.