Press release
Affirm Holdings, Inc. Announces Proposed Private Offering of $1.25 Billion of Convertible Senior Notes
Proceeds to Support General Corporate Purposes including Key Growth Initiatives SAN FRANCISCO--(BUSINESS WIRE)-- Affirm Holdings, Inc. (Nasdaq: AFRM)
About this update from Affirm Holdings, Inc.
[{"type":"text","content":"\nProceeds to Support General Corporate Purposes including Key Growth Initiatives\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nAffirm Holdings, Inc. (Nasdaq: AFRM) (“Affirm” or the “Company”) today announced its intention to offer, subject to market conditions and other factors, $1.25 billion aggregate principal amount of Convertible Senior Notes due 2026 (the “Notes”) in a private offering (the “Offering”). In connection with the Offering, Affirm expects to grant 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 $187.5 million aggregate principal amount of the Notes on the same terms and conditions.\n\nAffirm intends to use the net proceeds from the Offering for general corporate purposes and to fund its plans for future growth, which may include working capital expenses, capital expenditures and associated investments.\n\nThe final terms of the Notes, including the initial conversion price, interest rate and certain other terms, will be determined at the time of pricing of the Offering. 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. Prior to the close of business on the business day immediately preceding August 15, 2026, the Notes will be convertible at the option of the holders of the Notes only upon the satisfaction of specified conditions and during certain periods. On or after August 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, the Notes will be convertible, at the option of the holders of Notes, at any time regardless of such conditions. Upon conversion, Affirm will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of Class A common stock of Affirm or a combination of cash and shares of Class A common stock of Affirm, at Affirm’s election, in respect of the remainder, if any, of Affirm’s conversion obligation in excess of the aggregate principal amount of the Notes being converted. Affirm may not redeem the Notes prior to November 20, 2024. Affirm may redeem for cash all or any portion of the ...