Affirm (AFRM) said late Tuesday it priced the private offering of $800 million of its 0.75% convertible senior notes due 2029, up from the initial size of $750 million.
The initial conversion rate of the notes will be 9.8992 class A common shares per $1,000 in principal amount of notes, which is equivalent to an initial conversion price of about $101.02 per share.
Initial purchasers have been granted a 13-day period to purchase up to $120 million of additional notes.
The sale is expected to close Dec. 20.
Affirm expects to use the net proceeds and cash to repurchase about $960 million of 0% convertible senior notes due 2026 for $892.8 million in cash, in separate and privately negotiated transactions.
In addition, Affirm expects to repurchase about 3.5 million class A shares for about $250 million in cash concurrently with the offering in privately negotiated transactions. The purchase price will be $70.89 per share, the closing price for the stock on Dec. 17.
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