Opendoor issues $650M 0% convertible notes due 2030; repurchases ~$158M shares

Opendoor Technologies Inc.

Issued $650M aggregate principal of 0.00% Convertible Senior Notes due 2030, maturing Aug 15, 2030.
Initial conversion price ~$4.71/share (212.2466 shares per $1,000), a 35% premium to Aug 12 close of $3.49.
Capped call transactions cost ~$52.5M with $6.98/share cap price to reduce dilution on conversion.
Repurchased ~$158M of common stock at $3.49 from note participants; J. Wood Capital bought ~$25M at a discount.
Notes senior, unsecured; convertible before Feb 15, 2030 only on certain events, then anytime until maturity.

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