Eventbrite talks $115 million long five-year convertibles to yield 4.5%-5%, up 17.5%-22.5%

By Abigail W. Adams

Portland, Me., June 10 – Eventbrite Inc. plans to price $115 million long five-year convertible notes after the market close on Wednesday with price talk for a coupon of 4.5% to 5% and an initial conversion premium of 17.5% to 22.5%, according to a market source.

Morgan Stanley & Co. LLC is the bookrunner for the Rule 144A offering, which carries a greenshoe of $17.25 million.

The notes are non-callable until June 1, 2023 and then subject to a 130% hurdle.

The notes will be settled in cash, shares or a combination of both at the company’s option.

In connection with the pricing of the notes, the company will enter into capped call transactions.

Proceeds will be used to cover the cost of the call spread and for general corporate purposes.

Eventbrite is a San Francisco-based self-service ticketing technology platform.

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