By Abigail W. Adams
Portland, Me., July 28 – Outbrain Inc. sold $236 million of 2.95% five-year convertible notes with an initial conversion premium of 25% in an exchange for $200 million of its senior subordinated secured notes due 2026, according to a company news release.
The exchange occurred in connection with the closing of the company’s initial public offering.
The notes are non-callable until July 27, 2024 and then 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.
Outbrain is a New York-based web advertising platform.
| Issuer: | Outbrain Inc.
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| Securities: | Convertible notes
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| Amount: | $236 million
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| Maturity: | July 27, 2026
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| Coupon: | 2.95%
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| Conversion premium: | 25%
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| Conversion price: | $25
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| Conversion rate: | 40
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| Call options: | Non-callable until July 27, 2024 and then subject to a 130% hurdle
|
| Put options: | Upon a fundamental change
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| Pricing date: | July 27
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| Stock symbol: | Nasdaq: OB
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