DoorDash closes upsized $2.75B 0% convertible note offering due 2030

DoorDash, Inc.

Issued $2.75B aggregate principal amount of 0% convertible senior notes due May 15, 2030; upsize includes full exercise of $250M option.
Initial conversion rate 3.4250 shares per $1,000 principal, conversion price ~$291.97; net proceeds ~$2.72B.
Used $338.5M for convertible note hedge transactions (offset by warrant proceeds); remainder for general corporate purposes including acquisitions and share repurchases.
Notes are senior unsecured obligations; coupon 0% with special interest up to 0.50% upon certain events.
Convertible note hedge and warrant transactions reduce potential dilution and offset cash payments upon conversion.

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