By Abigail W. Adams
Portland, Me., Jan. 29 – fuboTV priced $350 million of five-year convertible notes after the market close on Thursday at par at the midpoint of talk with a coupon of 3.25% and an initial conversion premium of 45%, according to a company news release.
Price talk was for a coupon of 3% to 3.5% and an initial conversion premium of 42.5% to 47.5%, according to a market source.
Evercore Inc. was the bookrunner for the Rule 144A offering, which carries a greenshoe of $52.5 million.
The notes are non-callable until Feb. 20, 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.
Net proceeds are expected to be $338.4 million or will be $389.5 million if the greenshoe is exercised in full.
Proceeds will be used for general corporate purposes, which may include capital expenditures, repayment of debt, and potential acquisitions and strategic transactions.
fuboTV is a New York-based sports-first live TV streaming platform.
| Issuer: | fuboTV
|
| Securities: | Convertible senior notes
|
| Amount: | $350 million
|
| Greenshoe: | $52.5 million
|
| Maturity: | Feb. 15, 2026
|
| Bookrunner: | Evercore Inc.
|
| Coupon: | 3.25%
|
| Price: | Par
|
| Yield: | 3.25%
|
| Conversion premium: | 45%
|
| Conversion price: | $57.78
|
| Conversion rate: | 17.3063
|
| Call options: | Non-callable until Feb. 20, 2024 and then subject to a 130% hurdle
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 2
|
| Distribution: | Rule 144A
|
| Talk: | Coupon of 3% to 3.5% and initial conversion premium of 42.5% to 47.5%
|
| Stock symbol: | NYSE: FUBO
|
| Stock price: | $39.85 at market close Jan. 28
|
| Market capitalization: | $2.69 billion
|
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