Affirm Holdings talks $1.25 billion five-year convertibles to yield 0%-0.25%, up 47.5%-52.5%

By Abigail W. Adams

Portland, Me., Nov. 18 – Affirm Holdings Inc. plans to price $1.25 billion of five-year convertible notes after the market close on Thursday with price talk for a coupon of 0% to 0.25% and an initial conversion premium of 47.5% to 52.5%, according to a market source.

Morgan Stanley & Co. LLC (lead left) and J.P. Morgan Securities LLC are bookrunners for the Rule 144A offering, which carries a greenshoe of $187.5 million.

The notes are non-callable until Nov. 20, 2024 and then subject to a 130% hurdle.

The convertibles will be settled in cash up to the principal amount with any remainder to be settled in cash, shares or a combination of both.

Proceeds will be used for general corporate purposes.

Affirm Holdings is a San Francisco-based financial technology company.

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