Underwriters have the option to purchase another $150 million in stock. Initial debt purchasers also have the option to buy another $75 million in notes. A portion of debt is being used to cover privately negotiated capped call transactions. Proceeds from the rest of the debt and all of the stock are targeted for general corporate purposes, although you’d have to think M&A is on the company’s mind. In June, Bill.com closed the purchase of Divvy for $2.3 billion and this looks like filling the war chest for a run at another prospect. The company estimates proceeds from the sale of share at $971.6 million; $1.1 billion in the underwriters exercise their option completely and $487 million from the sale of notes.