Lyft announces $400M convertible note offering due 2029; amends credit facility

Lyft, Inc.

Offering $400M (plus $60M overallotment) in convertible senior notes due 2029 to QIBs.
Net proceeds used to repurchase up to $400M of existing 2025 notes, buy back ~$50M in stock, and fund capped call transactions.
Capped call transactions expected to reduce potential dilution upon conversion of notes.
Credit agreement amended to change leverage test to total net leverage and allow stock repurchases with note proceeds.

Key facts

Extracted from this filing and checked against the source text.

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

Lyft, Inc. amended Amendment No. 2 to Revolving Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto (effective 2024-02-21).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto
Effective: 2024-02-21

Exact text from the filing

On February 21, 2024 (the “Effective Date”), Lyft, Inc. (the “Company”) entered into Amendment No. 2 to Revolving Credit Agreement (the “Amendment”), with the other loan parties party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”), and certain lenders party thereto

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Source: SEC EDGAR

accession 0001759509-24-000033

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