Eventbrite talks $185 million long five-year convertibles to yield 0.75% to 1.25%, up 27.5% to 32.5%

By Abigail W. Adams

Portland, Me., March 8 – Eventbrite Inc. plans to price $185 million of long five-year convertible notes after the market close on Monday with price talk for a coupon of 0.75% to 1.25% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

Morgan Stanley & Co. LLC is bookrunner for the Rule 1444A offering, which carries a greenshoe of $27.75 million.

The notes are non-callable until March 15, 2024 and then subject to a 130% hurdle.

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

In connection with the offering, the company will enter into capped call transactions.

Proceeds will be used to cover the cost of the call spread and repay debt under its May 2020 credit agreement.

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

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