By Wendy Van Sickle
Columbus, Ohio, April 27 – Farfetch Ltd. priced an upsized $350 million offering of 3.75% seven-year convertible notes after the market close on Monday with an initial conversion premium of 35%, according to a news release.
Tightened talk for a coupon of 3.5% to 3.75% and an initial conversion premium of 35% to 37.5% had been announced earlier in the day by a market source.
The greenshoe was also upsized to $50 million.
Initial price talk was for a coupon of 3.5% to 4% and an initial conversion premium of 32.5% to 37.5%, according to a market source.
The initial size of the deal was $300 million with a greenshoe of $45 million.
J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are joint bookrunners for the Rule 144A offering.
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.
| Issuer: | Farfetch Ltd.
|
| Securities: | Convertible senior notes
|
| Amount: | $350 million
|
| Greenshoe: | $50 million
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| Maturity: | May 1, 2027
|
| Bookrunners: | J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC
|
| Coupon: | 3.75%
|
| Conversion premium: | 35%
|
| Conversion price: | $16.13
|
| Conversion rate: | 61.9867
|
| Call options: | Non-callable until May 6, 2024 then subject to a 130% hurdle
|
| Put options: | Upon a fundamental change
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| Pricing date: | April 27
|
| Settlement date: | April 30
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| Distribution: | Rule 144A
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| Talk: | Coupon of 3.5% to 3.75% and initial conversion premium of 35% to 37.5%
|
| Stock symbol: | NYSE: FTCH
|
| Stock price: | $11.95 at market close April 27
|
| Market capitalization: | $4.06 billion
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