Press release
Affirm Holdings, Inc. Announces Pricing of Upsized Private Offering of $1.5 Billion of 0% Convertible Senior Notes Due 2026
SAN FRANCISCO--(BUSINESS WIRE)-- Affirm Holdings, Inc. (Nasdaq: AFRM) (“Affirm” or the “Company”) today announced the pricing of $1.5 billion aggregate
About this update from Affirm Holdings, Inc.
[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nAffirm Holdings, Inc. (Nasdaq: AFRM) (“Affirm” or the “Company”) today announced the pricing of $1.5 billion aggregate principal amount of 0% Convertible Senior Notes due 2026 (the “Notes”) in a private offering (the “Offering”). The size of the Offering was increased from the previously announced $1.25 billion in aggregate principal amount. In connection with the Offering, Affirm has granted the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $225 million aggregate principal amount of the Notes on the same terms and conditions. The sale of the Notes to the initial purchasers is expected to settle on November 23, 2021, subject to customary closing conditions.\n\nThe Notes will not bear regular interest, and the principal amount of the Notes will not accrete. When issued, the Notes will be senior, unsecured obligations of Affirm. The Notes will mature on November 15, 2026, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. Affirm may not redeem the Notes prior to November 20, 2024. Affirm may redeem for cash all or any portion of the Notes, at its option, on or after November 20, 2024, but only if the last reported sale price per share of Affirm’s Class A common stock exceeds 130% of the conversion price for a specified period of time.\n\nHolders of the Notes will have the right to require Affirm to repurchase all or a portion of their Notes upon the occurrence of a “fundamental change” in cash at a fundamental change repurchase price of 100% of their principal amount plus any accrued and unpaid special interest to, but not including, the fundamental change repurchase date. Following certain corporate events or if Affirm calls the Notes for redemption, Affirm will, under certain circumstances, increase the conversion rate for holders who elect to convert their Notes in connection with such corporate event or such redemption.\n\nThe initial conversion rate of the Notes will be 4.6371 shares of Affirm’s Class A common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $215.65 per share of Affirm’s Class A common stock, which represents a conversion premium of approximately 5...