Uber Announces Pricing of Upsized $1.5B (Prior $1.2B) Convertible Senior Notes Offering
Portfolio Pulse from Benzinga Newsdesk
Uber Technologies, Inc. has priced an upsized offering of $1.5 billion in 0.875% Convertible Senior Notes due 2028, increased from the initial $1.2 billion. The offering includes an option for initial purchasers to buy an additional $225 million of the notes. The sale is targeted at qualified institutional buyers and is expected to close by November 24, 2023, subject to customary closing conditions.
November 21, 2023 | 7:32 am
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Uber's upsized convertible notes offering may indicate strong investor demand and could provide additional capital for the company's operations or growth initiatives.
The upsizing of Uber's convertible notes offering from $1.2B to $1.5B, with an additional $225M option, suggests a positive reception from institutional investors. This could be seen as a vote of confidence in Uber's future prospects, potentially leading to a short-term positive impact on the stock price. However, the impact may be moderated by the dilutive effect of the convertible notes if they are converted into equity.
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IMPORTANCE 75
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