Lyft, Inc. (LYFT): debt financing — Lyft prices $460M of 0.625% convertible notes due 2029; to repurchase 2025 notes and buy back $50M stock

Lyft, Inc.

$400M base notes + $60M overallotment; 0.625% coupon, convertible at $21.08/share (47.4366 shares/$1,000).
Net proceeds of ~$448.2M; ~$350M used to retire ~$356.8M of 1.5% convertible notes due 2025.
~$50M used to buy back 3.14M shares of common stock at $15.91/share; capped call transactions set cap at $31.82.
Capped call transactions reduce potential dilution upon conversion; option counterparties may hedge by buying shares.

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 0.95

Lyft, Inc. incurred convertible notes of $400 million aggregate principal amount of its 0.625% Convertible Senior Notes due 2029 (the "Base Notes") with BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC at 0.625% per year maturing March 1, 2029.

Instrument: convertible notes
Principal: $400 million aggregate principal amount of its 0.625% Convertible Senior Notes due 2029 (the "Base Notes")
Counterparty: BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
Rate: 0.625% per year
Maturity: March 1, 2029
Event: incurrence

Exact text from the filing

On February 22, 2024, Lyft, Inc. (the “Company”) entered into a purchase agreement (the “Purchase Agreement”) with BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representatives of the several initial purchasers (the “Initial Purchasers”), to issue and sell $400 million aggregate principal amount of its 0.625% Convertible Senior Notes due 2029 (the “Base Notes”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Lyft, Inc. incurred convertible notes of an additional $60 million aggregate principal amount of such notes on the same terms and conditions, solely to cover ove with BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC at 0.625% per year maturing March 1, 2029.

Instrument: convertible notes
Principal: an additional $60 million aggregate principal amount of such notes on the same terms and conditions, solely to cover ove
Counterparty: BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
Rate: 0.625% per year
Maturity: March 1, 2029
Event: incurrence

Exact text from the filing

of its 0.625% Convertible Senior Notes due 2029 (the “Base Notes”). In addition, the Company granted the Initial Purchasers a 13-day option to purchase up to an additional $60 million aggregate principal amount of such notes on the same terms and conditions, solely to cover over-allotments (the “Additional Notes” and together with the Base Notes, the “Notes”).

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

Lyft, Inc. entered into Purchase Agreement with BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representatives of the several initial purchasers valued at $400 million aggregate principal amount (effective 2024-02-22).

Action: entry
Agreement: notes offering
Counterparty: BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representatives of the several initial purchasers
Value: $400 million aggregate principal amount
Effective: 2024-02-22

Exact text from the filing

On February 22, 2024, Lyft, Inc. (the “Company”) entered into a purchase agreement (the “Purchase Agreement”) with BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representatives of the several initial purchasers (the “Initial Purchasers”), to issue and sell $400 million aggregate principal amount of its 0.625% Convertible Senior Notes due 2029 (the “Base Notes”).

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

Lyft, Inc. filing history →

Source: SEC EDGAR

accession 0001759509-24-000040

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