Outbrain repurchases $118M of convertible notes at 19% discount, records $22M gain

Teads Holding Co.

Repurchased $118M principal of 2.95% Convertible Senior Notes due 2026 from Baupost for ~$96M cash.
Effective discount of 19% to par; pre-tax gain of ~$22M to be recorded in Q2 2023.
After cancellation, $118M of notes remain outstanding (half of original $236M issuance).
CFO Jason Kiviat says repurchase reflects financial discipline and positive capital allocation.

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