Lyft Announces Private Offering of $650 million of Convertible Senior Notes and Capped Call
Posted on 05/16/2020
San Francisco-based Lyft, Inc. proposes to issue and sell to the several initial purchasers US$ 650,000,000 principal amount of its 1.50% Convertible Senior Notes due 2025 and, at the option of the Initial Purchasers, up to an additional US$ 97,500,000 principal amount of its 1.50% Convertible Senior Notes due 2025.
On May 12, 2020, in connection with the pricing of the Notes, Lyft entered into privately negotiated capped call transactions with certain of the Initial Purchasers or their respective affiliates.
Lyft reported first quarter 2020 revenue of US$ 955.7 million versus US$ 776 million in the first quarter of 2019. Net loss for Q1 2020 was US$ 398.1 million versus a net loss of US$ 1.1 billion in the same period of 2019.
| Initial Purchaser | Principal Amount |
|---|---|
| J.P. Morgan Securities LLC | 279,499,000 |
| Credit Suisse Securities (USA) LLC | 201,500,000 |
| UBS Securities LLC | 38,415,000 |
| KeyBanc Capital Markets Inc. | 38,415,000 |
| RBC Capital Markets, LLC | 38,415,000 |
| BNP Paribas Securities Corp. | 13,439,000 |
| SVB Leerink LLC | 13,439,000 |
| Raymond James & Associates, Inc. | 13,439,000 |
| MUFG Securities Americas Inc. | 13,439,000 |
| Total | 650,000,000 |