Etsy (NASDAQ:ETSY) intends to offer $650M aggregate principal amount of convertible senior notes due 2030 in a private placement to qualified institutional buyers.
Initial purchasers have an option to purchase up to an additional $50 million aggregate principal amount of notes.
Etsy expects to use up to $175 million of the net proceeds from the offering to repurchase shares of Etsy’s common stock.
The stock price traded 3.7% lower on Wednesday during pre-market hours of trading.
