Business
Wix Announces Pricing of Private Offering of $500 million of 0% Convertible Senior Notes due 2025
NEW YORK, Aug. 11, 2020 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) ("Wix"), a leader in website creation, today announced the pricing of $500 million
About this update from Wix.com Ltd.
[{"type":"text","content":"NEW YORK, Aug. 11, 2020 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) (\"Wix\"), a leader in website creation, today announced the pricing of $500 million aggregate principal amount of 0% Convertible Senior Notes due 2025 (the \"Notes\") in a private offering (the \"Offering\") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). In connection with the Offering, Wix 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 $75 million aggregate principal amount of the Notes solely to cover over-allotments. The sale of the Notes to the initial purchasers is expected to settle on August 13, 2020, subject to customary closing conditions.\n\n \n \n \n \n \n \n\n \nThe Notes will not bear regular interest, and the principal amount of the Notes will not accrete. The Notes will mature on August 15, 2025, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. The Notes will be convertible based on an initial conversion rate of 2.4813 ordinary shares of Wix per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $403.01 per share, which represents a conversion premium of approximately 45.0% to the last reported sale price of Wix's ordinary shares on The Nasdaq Global Select Market on August 10, 2020). Prior to the close of business on the business day immediately preceding February 15, 2025, 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 February 15, 2025 until the close of business on the second scheduled trading day preceding the maturity date, the Notes will be convertible at the option of the holders of Notes at any time regardless of these conditions. Conversions of the Notes will be settled in cash, ordinary shares of Wix or a combination thereof, at Wix's election.\nWix may not redeem the Notes prior to August 21, 2023, except in the event of certain tax law changes. On or after August 21, 2023, Wix may redeem, for cash, all or part of the Notes if the last reported sale price of its ordinary shares has been at least 130% of the conv...