other material
confidence high
sentiment positive
materiality 0.55
Zillow unwinds capped calls, receives 3.1M shares and $38.2M cash
ZILLOW GROUP, INC.
- Enters unwind agreements with Morgan Stanley, Citibank, Barclays, JPMorgan for capped calls tied to 2026 convertible notes (settled Dec 2024).
- Expects to receive 3.1M shares of Class C stock and $38.2M cash from Counterparties.
- Shares received will reduce outstanding Class C capital stock; no capped calls remaining.
- Counterparties may buy/sell Class C shares or unwind derivatives in secondary market.