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Spotify greenshoe lifts 0% exchangeable senior notes to $1.5 billion
By Taylor Fox
New York, March 2 – Underwriters for Spotify Technology SA’s 0% exchangeable senior notes exercised the deal’s full $200 million greenshoe, lifting the total deal size to $1.5 billion, according to a 6-K filing with the Securities and Exchange Commission.
As previously reported, Spotify originally sold $1.3 billion of five-year exchangeable notes into Spotify USA Inc. shares on Feb. 26 at par with an initial exchange premium of 70%.
Pricing came in line with talk for a fixed coupon of 0% and at the midpoint of talk for an initial exchange premium of 65% to 75%, according to a market source.
Morgan Stanley & Co. LLC was lead left bookrunner for the Rule 144A offering.
The notes are callable on or after March 20, 2024 subject to a 130% hurdle.
They are putable upon a fundamental change.
The notes will be settled in cash, shares or a combination of both at the company’s option.
Net proceeds are expected to be $1.479 billion following the exercise of the greenshoe.
Proceeds will be used for general corporate purposes.
Spotify is a New York-based audio streaming and media services provider.
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