Affirm prices $800M convertible senior notes
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20 hours ago
- Affirm Holdings (NASDAQ:AFRM) priced $800 million aggregate principal amount of 0.75% convertible senior notes due 2029 in a private offering.
- The size of the offering was increased from the previously announced $750M in aggregate principal amount. I
- Affirm (NASDAQ:AFRM) granted the initial purchasers of the notes an option to purchase, within a 13-day period beginning on an additional $120M notes.The sale of the notes to the initial purchasers is expected to settle on December 20, 2024.
- The notes will bear interest at a rate of 0.75% per annum payable semiannually in arrears.
- Net proceeds will be approximately $785.2M (or approximately $903.1M if the initial purchasers exercise their option).
- Proceeds together with cash on hand will be used to repurchase approximately $960M aggregate principal amount of Affirm’s 0% convertible senior notes due 2026 for $892.8 million of cash. Affirm may also repurchase additional outstanding 2026 notes following the completion of the offering.