Opendoor prices USD 650 million zero-coupon convertible senior notes offering due 2030
OPEN•Opendoor prices USD 650 million convertible notes offering
Opendoor announced a USD 650 million offering of 0% Convertible Senior Notes due 2030, expected to settle on Aug. 19.
Net proceeds of about USD 440 million are earmarked for growth, with funds directed toward expanding home inventory and market footprint.
USD 158 million of proceeds are allocated to repurchase about 45,300,000 shares at USD 3.49, cutting shares outstanding by about 5%.
USD 52.5 million is set aside for capped call transactions, designed to limit dilution; no net share issuance is expected below USD 10.38.
