GoPro Prices $125.0 Million of 1.25% Convertible Senior Notes due 2025

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[{"type":"text","content":"SAN MATEO, Calif., Nov. 19, 2020 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) (\"GoPro\") today announced that it has priced $125.0 million aggregate principal amount of 1.25% convertible senior notes due 2025 (the \"notes\"). The size of the offering was increased from the previously announced $100.0 million in aggregate principal amount. The notes are to be offered and sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Act\"). GoPro also granted the initial purchasers of the notes an option to purchase, within a 13-day period from, and including the date on which the notes are first issued, up to an additional $18.75 million aggregate principal amount of notes. The sale is expected to close on November 24, 2020, subject to customary closing conditions. \n\n \n \n \n \n \n \n\n \nThe notes will be senior, unsecured obligations of GoPro. The notes will bear cash interest at an annual rate of 1.25%, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2021. The notes will mature on November 15, 2025, unless earlier converted, redeemed or repurchased in accordance with the terms of the notes. Prior to 5:00 p.m., New York City time, on the business day immediately preceding August 15, 2025, the notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until 5:00 p.m., New York City time, on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled in shares of GoPro's Class A common stock (the \"common stock\"), cash or a combination of cash and shares of common stock, at the election of GoPro.\nThe notes will have an initial conversion rate of 107.1984 shares of common stock per $1,000 principal amount of notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $9.33 per share. The initial conversion price represents a premium of approximately 35.0% to the $6.91 per share closing price of the common stock on The NASDAQ Global Select Market on November 19, 2020. \nHolders of the notes will have the right to require GoPro to repurchase for cash all or a portion of their notes at 100% of th...

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