Convertibles Calendar: $4.1 billion in five deals in the market

March 2

CABLE ONE INC.:

• $600 million two-tranche offering; $400 million tranche of five-year convertible notes and $200 million tranche of seven-year convertible notes

• 2026 notes: Fixed coupon of 0% and initial conversion premium of 25% to 30%

• 2028 notes: Coupon of 0.75% to 1.25% and initial conversion premium of 25% to 30%

• Greenshoe of $60 million on 2026 notes; greenshoe of $30 million on 2028 notes

• J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, BofA Securities Inc. and Wells Fargo Securities LLC

• Rule 144A

• Non-callable for four years and then subject to a 130% hurdle

• Proceeds for general corporate purposes, including to finance a portion of the company’s acquisition of the equity interests in Hargray Acquisition Holdings LLC

• Phoenix-based broadband communications provider

CERIDIAN HCM HOLDING INC.:

• $500 million five-year convertible notes

• Coupon of 0% to 0.5% and initial conversion premium of 47.5% to 52.5%

• Greenshoe of $75 million

• Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc. and Citigroup Global Markets Inc.

• Rule 144A

• Non-callable for three years and then subject to a 130% hurdle

• Proceeds to cover the cost of the call spread, to repay $295 million of the principal amount of the company’s senior credit facilities and for general corporate purposes, which may include potential acquisitions or strategic investments

• Minneapolis-based human resources software company

BEYOND MEAT INC.:

• $750 million six-year convertible notes

• Fixed coupon of 0% and initial conversion premium of 47.5% to 52.5%

• Greenshoe of $112.5 million

• J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC

• Rule 144A

• Non-callable until March 20, 2024 and then subject to a 130% hurdle

• Proceeds to cover the cost of the call spread and for general corporate purposes

• El Segundo, Calif.-based plant-based food company

March 3

AIRBNB INC.:

• $2 billion five-year convertible notes

• Fixed coupon of 0% and initial conversion premium of 60% to 65%

• No greenshoe

• Morgan Stanley & Co. LLC

• Rule 144A

• Non-callable for three years and then subject to a 130% hurdle

• Proceeds to cover the cost of the call spread and to repay debt

• San Francisco-based online vacation rental marketplace

REALREAL INC.:

• $250 million seven-year convertible notes

• Coupon of 0.5% to 1% and initial conversion premium of 32.5% to 37.5%

• Greenshoe of $37.5 million

• Credit Suisse Securities (USA) LLC and BofA Securities Inc.

• Rule 144A

• Non-callable for four years and then subject to a 130% hurdle

• Proceeds to cover the cost of the call spread and for general corporate purposes

• San Francisco-based online and brick-and-mortar luxury consignment marketplace

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