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Market Overview

Airbnb Seeks To Raise $2B Via Convertible Notes For Debt Refinancing

  • Airbnb Inc (NASDAQ: ABNBproposes to offer $2 billion convertible senior notes due 2026 in a private institutional offering.
  • The offering proceeds will be partly utilized to fund capped call transactions. Airbnb plans to use the remaining proceeds, along with its existing cash, for debt repayment.
  • The company plans to enter into privately negotiated capped call transactions with one or more of the initial purchasers to reduce potential stock dilution upon converting the notes.
  • The notes will be redeemable after March 20, 2024, but only if the last reported sale price per share of Airbnb's Class A common stock exceeds 130% of the conversion price for a specified period. 
  • Airbnb's cash balance stood at $5.5 billion as of December 31, 2020. Long term debt was $1.8 billion.
  • The stock has gained 3.4% in last month.
  • Price action: ABNB stock closed lower by 3.32% at $189.90 on Tuesday.

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