Eventbrite Seeks To Raise $185M Via Convertible Notes For Debt Refinancing

• Eventbrite Inc (NYSE: EB) intends to offer $185 million convertible senior notes due 2026 in a private institutional offering.

• The company plans to grant the initial purchasers a 30-day option to procure additional notes of $27.75 million.

• The notes will be redeemable after March 15, 2024, but only if the last reported sale price per share of Eventbrite's stock exceeds 130% of the conversion price for a specified period.

• Eventbrite plans to partly utilize the offering proceeds for debt repayment under its May 2020 credit agreement and to fund the cost of the capped call transactions and general corporate purposes.

• The company plans to enter into privately negotiated capped call transactions with one or more of the initial purchasers to reduce potential stock dilution upon note conversion.

• Eventbrite's long-term debt stood at $206.6 million as of December 31, 2020.

• The company's stock has gained 103% in the last six months.

• Price action: EB shares are down 4.35% at $21.75 in the pre-market session on the last check Monday.

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