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Online software vendor Xero is issuing $300 million in notes to provide funds for acquisition. The offering for 2.375 per cent guaranteed senior unsecured convertible notes due 2023, which will trade on the Singapore exchange, is expected to closed on October 4.

The company said there are no talks or identified acquisition targets currently. The issue follows on the summer acquisition of Hubdocs

The announcement described the use of proceeds as “for potential acquisitions of, and investments into, strategic and complementary businesses and assets which are in line with Xero’s strategy to drive long-term shareholder value.”

 “We see the additional financial flexibility provided by this offering as supporting the significant opportunity we have to enhance and extend Xero’s small business platform and ecosystem capabilities, through the pursuit of complementary targeted acquisitions,” CEO Steve Vamos said in in a prepared statement.

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