Upwork prices $500M convertible note offering at 0.25% due 2026, terminates SVB loan

UPWORK, INC

Priced $500.0M of 0.25% convertible senior notes due 2026; initial purchasers may buy $75.0M additional.
Net proceeds expected ~$487.0M; ~$43.0M used for capped call transactions to reduce dilution.
Initial conversion price $66.08/share, a 42.5% premium over $46.37 closing price on Aug 5, 2021.
Notes mature Aug 15, 2026; interest payable semiannually; redeemable at Upwork's option after Aug 20, 2024.
Terminated Loan and Security Agreement with Silicon Valley Bank and repaid all outstanding amounts.

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