Salesforce receives consents to amend Slack's senior notes

Enterprise software company Salesforce.com Inc. secured requisite consents to amend the indenture governing Slack Technologies Inc.'s $862.5 million of 0.50% convertible senior notes due 2025.

Salesforce received the consents before the expiration time of 5 p.m. ET on Feb. 10, a Feb. 11 statement noted. As a result, Slack and the U.S. Bank National Association, the notes' trustee, executed a supplemental indenture effecting the amendments.

The move is related to Salesforce's proposed acquisition of Slack for about $27.7 billion. The amendments seek to modify the merger agreement with respect to the Slack notes, to remove the requirement that the successor in any merger of Slack be a corporation, and to make certain other related changes.

Salesforce will pay $9 in cash for every $1,000 of the Slack notes covered with a consent. The payment is to subject to the occurrence of, and upon the latest to occur of, the satisfaction or waiver of all conditions to the consent solicitation, and the payment date, which shall be the earlier to occur of May 1 and the closing of the first merger.

BofA Securities served as the solicitation agent for the consent solicitation.