secwatch.observer — SEC 8-K summary
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Issuer:     UPWORK, INC (UPWK)
CIK:        0001627475
Form:       8-K
Filed at:   2021-08-06T23:59:59+00:00
Accession:  0001628280-21-015997
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1627475/000162828021015997/0001628280-21-015997-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1627475/000162828021015997/upwork-20210805.htm
  HTML page:      https://secwatch.observer/filing/0001628280-21-015997

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer