Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Taina Rosa, Olivia Meyer
06.15.26
Pillsbury advised Gorilla Technology Group Inc., a global solution provider in security intelligence, network intelligence, business intelligence and IoT technology, on the pricing of $107 million aggregate principal amount of 7.50% senior unsecured convertible notes due 2031.
The offering was led by Highbridge Capital Management LLC, a current institutional stakeholder in Gorilla.
The notes will be senior unsecured obligations of Gorilla, issued at par and bearing interest at 7.50% per annum, payable semi-annually in arrears. They will mature on June 5, 2031, unless earlier converted, redeemed or repurchased in accordance with their terms.
The initial conversion rate is 39.2425 shares per $1,000 principal amount, equating to an approximate conversion price of $25.48 per share, representing a 17% premium to the June 2, 2026 closing price of $21.78. The conversion price is subject to adjustment, including a downward reset (floor of $6.00 per share) and an upward reset cap of $31.85325 per share (approximately 46.25% premium).
Gorilla intends to use the net proceeds to fund the equity portion of data center equipment for its second project with Yotta Data Services Private Limited, with remaining proceeds allocated to general corporate purposes.
To learn more, click here.
The Pillsbury deal team included Capital Markets partner Stephen Ashley; Government Law & Strategies partner Matthew Oresman; Capital Markets associate Mackenzie Pantoja; Corporate associates Nikolas Orfanedes and Alexander Ntchobo; Tax partner Don Lonczak; and Finance senior counsel Kenneth Suh.