Lyft Prices Private Offering Of $400M Convertible Senior Notes Due 2029
Portfolio Pulse from Benzinga Newsdesk
Lyft, Inc. (NASDAQ:LYFT) announced a private offering of $400 million Convertible Senior Notes due 2029 to qualified institutional buyers. The offering includes an option for initial purchasers to buy an additional $60 million to cover over-allotments. The sale is expected to settle on February 27, 2024, with an anticipated net proceeds of approximately $389.6 million for Lyft, after deducting costs.
February 23, 2024 | 6:44 am
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Lyft announces a $400 million Convertible Senior Notes offering due 2029, with potential net proceeds of approximately $389.6 million.
The announcement of a significant convertible notes offering can be seen as a positive move for Lyft, indicating the company's ability to raise capital and potentially finance growth or operational strategies. The substantial amount and the terms of the offering suggest confidence from institutional investors. However, the impact on the stock price will depend on market perception of Lyft's future growth prospects and how the funds are intended to be used.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100