U.S. markets open in 5 hours 32 minutes
  • S&P Futures

    4,129.00
    +2.50 (+0.06%)
     
  • Dow Futures

    33,740.00
    +37.00 (+0.11%)
     
  • Nasdaq Futures

    13,761.50
    -32.75 (-0.24%)
     
  • Russell 2000 Futures

    2,197.70
    +13.70 (+0.63%)
     
  • Crude Oil

    62.51
    -0.16 (-0.26%)
     
  • Gold

    1,782.30
    +3.90 (+0.22%)
     
  • Silver

    26.05
    +0.20 (+0.79%)
     
  • EUR/USD

    1.2012
    -0.0029 (-0.24%)
     
  • 10-Yr Bond

    1.5620
    0.0000 (0.00%)
     
  • Vix

    18.42
    +1.13 (+6.54%)
     
  • GBP/USD

    1.3934
    -0.0003 (-0.02%)
     
  • USD/JPY

    108.2200
    +0.1500 (+0.14%)
     
  • BTC-USD

    55,260.27
    +1,618.34 (+3.02%)
     
  • CMC Crypto 200

    1,268.24
    +33.83 (+2.74%)
     
  • FTSE 100

    6,902.48
    +42.61 (+0.62%)
     
  • Nikkei 225

    28,508.55
    -591.83 (-2.03%)
     

Dropbox Raises $1.31B In Upsized Convertible Debt Offering

  • Oops!
    Something went wrong.
    Please try again later.
Anusuya Lahiri
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Dropbox, Inc. (NASDAQ: DBXpriced 3 million convertible senior notes due 2026 and $653 million convertible senior notes due 2028 from an upsized debt offering in a private placement to qualified institutional buyers to raise $1.286 billion.

  • The offering was upsized from $1.135 billion announced previously.

  • Dropbox intends to utilize $58.6 million from the offering proceeds towards convertible note hedge transactions, $200 million to repurchase shares at Tuesday’s closing price of $23.18 per share.

  • The 2026 notes may be converted at an initial conversion rate of 26.1458 shares per $1,000 principal amount of such notes (or $38.25 per share), and the 2028 notes may be converted at an initial conversion rate of 28.2889 shares per $1,000 principal amount of such notes (or $35.35 per share).

  • DBX shares have gained 23% in the last quarter.

  • Price action: DBX shares are up 0.95% at $23.40 in the premarket session on the last check Wednesday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.