Farfetch talks $300 million seven-year convertible notes to yield 3.5%-4%, up 32.5%-37.5%

By Abigail W. Adams

Portland, Me., April 27 – Farfetch Ltd. plans to price $300 million of seven-year convertible notes after the market close on Monday with price talk for a coupon of 3.5% to 4% and an initial conversion premium of 32.5% to 37.5%, according to a market source.

J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $45 million.

The notes are non-callable until May 6, 2024 and then subject to a 130% hurdle.

They are putable upon a fundamental change. There is dividend protection.

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

Proceeds will be used for general corporate purposes.

Farfetch is a London-based online luxury fashion retail platform.

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