Altair Engineering (ALTR) Plans Offering of Convertible Senior Notes

Altair Engineering Inc. (Nasdaq: ALTR) (“Altair”) today announced that it intends to offer, subject to market and other conditions, $175 million aggregate principal amount of convertible senior notes due 2024 (the “Notes”) in an underwritten offering registered with the Securities and Exchange Commission (the “SEC”). The Notes will be convertible into cash and/or shares of Altair’s Class A common stock at Altair’s election. The interest rate, conversion price and other terms of the Notes are to be determined upon pricing of the offering. In addition, Altair expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the Notes offered.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and RBC Capital Markets, LLC will act as joint bookrunners for the offering.

Altair intends to use a portion of the net proceeds received from the offering to repay outstanding indebtedness under its $150.0 million revolving credit facility, which was approximately $14.8 million as of March 31, 2019. Altair intends to use the remaining net proceeds for acquisitions of, or investments in, technologies, solutions or businesses that complement Altair’s business and other general corporate purposes, including working capital, developing and building an addition adjacent to Altair’s corporate headquarters facilities and related real estate development matters, sales and marketing activities, general and administrative matters and capital expenditures. Altair does not have any agreements or binding commitments for any such acquisitions or investments at this time.

An effective registration statement relating to the securities was filed with the SEC on June 4, 2019. The offering of these securities will be made only by means of a prospectus supplement, any free writing prospectus that Altair may authorize in connection therewith, and the accompanying prospectus. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by contacting J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone: (866) 803-9204 or email: [email protected], Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by emailing [email protected] or RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281; telephone: (877) 822-4089.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

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