Check Point to Raise $1.5 Billion From Zero-Coupon Convertible

Check Point Software Technologies Ltd. is raising $1.5 billion from the sale of a five-year zero-coupon convertible bond, partly to help fund share buybacks.

The Tel Aviv-based cybersecurity firm is offering a 25% to 30% conversion premium on the bonds and expects to price the offering after the market close on Wednesday, according to people familiar with the matter. Proceeds will go toward buying back as much as $225 million of stock, the company said in a statement.