U.S. markets close in 40 minutes
  • S&P 500

    4,392.43
    -29.87 (-0.68%)
     
  • Dow 30

    35,006.25
    -138.06 (-0.39%)
     
  • Nasdaq

    14,628.04
    -212.67 (-1.43%)
     
  • Russell 2000

    2,189.78
    -27.14 (-1.22%)
     
  • Crude Oil

    71.62
    -0.29 (-0.40%)
     
  • Gold

    1,799.10
    -0.10 (-0.01%)
     
  • Silver

    24.75
    -0.56 (-2.22%)
     
  • EUR/USD

    1.1825
    +0.0017 (+0.14%)
     
  • 10-Yr Bond

    1.2340
    -0.0420 (-3.29%)
     
  • GBP/USD

    1.3882
    +0.0059 (+0.42%)
     
  • USD/JPY

    109.7400
    -0.6350 (-0.58%)
     
  • BTC-USD

    37,880.39
    -2,289.18 (-5.70%)
     
  • CMC Crypto 200

    895.01
    +18.78 (+2.14%)
     
  • FTSE 100

    6,996.08
    -29.35 (-0.42%)
     
  • Nikkei 225

    27,970.22
    +136.93 (+0.49%)
     

Etsy Raises $1B Via Debt In Private Institutional Offering

·1 min read
  • Etsy Inc (NASDAQ: ETSY) priced $1 billion 0.25% convertible senior notes due 2028 to raise $986.7 million in a private institutional offering.

  • The initial conversion price of $246.80 per share represents a 45% premium to the June 8 closing price of $170.21.

  • The notes will be redeemable after June 20, 2025, but only if the last reported sale price per share of Etsy’s stock exceeds 130% of the conversion price for a specified period.

  • Etsy has entered into capped call transactions with certain financial institutions to offset the potential stock dilution from any note conversion. The capped call transactions’ initial cap price is $340.42, representing a 100% premium to the June 8 closing price.

  • The company will utilize a portion of the proceeds to pay for the capped call transactions.

  • Etsy will utilize a portion of the proceeds to repurchase shares worth $180 million. It will use the remainder for general corporate purposes.

  • Etsy’s long-term debt stood at $1.3 billion as of Mar. 31, 2021.

  • Etsy shares gained 123% last year.

  • Price action: ETSY shares traded higher by 1.05% at $172 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.