BILL intends to use: (i) approximately $130.8 million of the net proceeds to repurchase approximately $133.9 million aggregate principal amount of its outstanding convertible senior notes due 2025 (the "2025 Notes"), (ii) approximately $408.6 million of the net proceeds to repurchase approximately $451.5 million aggregate principal amount of its outstanding convertible senior notes due 2027 (the "2027 Notes" and, together with the 2025 Notes, the "Existing Notes"), (iii) approximately $200.0 million of the net proceeds to repurchase 2,260,397 shares of BILL's common stock (the "common stock") in privately negotiated transactions, (iv) approximately $83.0 million of the net proceeds to pay the cost of the capped call transactions described below, and (v) the remaining net proceeds for general corporate purposes, which may include additional repurchases of the Existing Notes from time to time following the offering, or the repayment at maturity, of the Existing Notes, additional repurchases of the common stock, working capital, capital expenditures and potential acquisitions and strategic transactions.