Outbrain buys back $118 million in 2.95% convertibles due 2026

By Mary-Katherine Stinson

Lexington, Ky., April 17 – Outbrain Inc. repurchased $118 million in aggregate principal amount of its 2.95% convertible senior notes due 2026 via a privately negotiated repurchase agreement with Baupost Group Securities, LLC, the sole holder of the notes, according to a press release.

The company paid about $96 million in cash, including accrued interest, representing a 19% discount to par value.

As a result, Outbrain will record a pre-tax gain of about $22 million in the second quarter of 2023.

Following the buyback, about $118 million out of the initially issued principal balance of $236 million, will remain outstanding.

Outbrain is a New York-based web advertising platform.

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