Cardlytics, Inc. (CDLX): debt financing — Cardlytics issues $172.5M of 4.25% convertible notes due 2029, repurchases $183.9M of 2025 notes

Cardlytics, Inc.

Issued $172.5M principal of 4.25% convertible senior notes due 2029, including full exercise of $22.5M initial purchasers' option.
Initial conversion price ~$18.02/share, a 32.5% premium over $13.60 closing price on March 26, 2024.
Net proceeds ~$169.3M plus cash used to repurchase ~$183.9M of existing 1.00% convertible notes due 2025.
Notes mature April 1, 2029; interest payable semi-annually at 4.25%, first payment October 1, 2024.
Conversions settled at company's option in cash, common stock, or combination; conversion rate adjustable.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Cardlytics, Inc. incurred convertible notes of $172.5 million with U.S. Bank Trust Company, National Association at 4.25% per annum maturing April 1, 2029.

Instrument: convertible notes
Principal: $172.5 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 4.25% per annum
Maturity: April 1, 2029
Event: incurrence

Exact text from the filing

On April 1, 2024, Cardlytics, Inc. (the “Company”) completed its previously announced private offering (the “Offering”) of $172.5 million principal amount of its 4.25% Convertible Senior Notes due 2029

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cardlytics, Inc. entered into Indenture with U.S. Bank Trust Company, National Association valued at $172.5 million principal amount (effective 2024-04-01).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $172.5 million principal amount
Effective: 2024-04-01

Exact text from the filing

On April 1, 2024, Cardlytics, Inc. (the “Company”) completed its previously announced private offering (the “Offering”) of $172.5 million principal amount of its 4.25% Convertible Senior Notes due 2029 (the “Notes”), including the exercise in full of the initial purchasers’ option to purchase up to an additional $22.5 million principal amount of Notes. The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of April 1, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

Cardlytics, Inc. filing history →

Source: SEC EDGAR

accession 0001666071-24-000053

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