SAN FRANCISCO--(BUSINESS WIRE)--Affirm Holdings, Inc. (Nasdaq: AFRM) ("Affirm" or the "Company") today announced its intention to offer, subject to market conditions and other factors, $750 million aggregate principal amount of Convertible Senior Notes due 2029 (the "Notes") in a private offering (the "Offering"). In connection with the Offering, Affirm expects to grant the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $112.5 million aggregate principal amount of the Notes on the same terms and conditions.
Affirm expects to use the net proceeds from the Offering to repurchase a portion of its 0% Convertible Senior Notes due 2026 (the "2026 notes") as described below. In addition, Affirm expects to use a portion of the net proceeds from the Offering, together with cash on hand (if necessary), to repurchase up to $300 million of shares of its Class A common stock concurrently with the pricing of the Offering, as described below. The repurchases of the 2026 notes and the repurchases of shares of Affirm's Class A common stock may increase, or reduce the size of a decrease in, the trading price of Affirm's Class A common stock, and may affect the initial terms of the Notes, including the initial conversion price. Affirm expects to use any remaining proceeds for general corporate purposes.
The final terms of the Notes, including the initial conversion price, interest rate and certain other terms, will be determined at the time of pricing of the Offering. When issued, the Notes will be senior, unsecured obligations of Affirm. The Notes will mature on December 15, 2029, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding September 15, 2029, the Notes will be convertible at the option of the holders of the Notes only upon the satisfaction of specified conditions and during certain periods. On or after September 15, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date, the Notes will be convertible, at the option of the holders of Notes, at any time regardless of such conditions. Upon conversion, Affirm will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of Class A common stock of Affirm or a combination of cash and shares of Class A common stock of Affirm, at Affirm's election, in respect of the remainder, if any, of Affirm's conversion obligation in excess of the aggregate principal amount of the Notes being converted. Affirm may not redeem the Notes prior to December 20, 2027. Affirm may redeem for cash all or any portion of the Notes, at its option, on or after December 20, 2027, but only if the last reported sale price per share of Affirm's Class A common stock has been at least 130% of the conversion price for a specified period of time.
Concurrently with the pricing of the Notes in the Offering, Affirm expects to enter into one or more separate and individually negotiated transactions with certain holders of the 2026 notes to repurchase for cash a portion of its 2026 notes (the "note repurchases"). The terms of the note repurchases are anticipated to be individually negotiated with each of such holders and will depend on several factors, including the market price of Affirm's Class A common stock and the trading price of the 2026 notes at the time of such note repurchases. No assurance can be given as to how much, if any, of the 2026 notes will be repurchased or the terms on which they will be repurchased.
Affirm expects to negotiate the note repurchases through one of the initial purchasers and/or its affiliate. Affirm may also repurchase additional outstanding 2026 notes following the completion of the Offering.
Affirm expects that holders of the 2026 notes that are repurchased by Affirm as described above may enter into or unwind various derivatives with respect to Affirm's Class A common stock (including entering into derivatives with one or more of the initial purchasers in the Offering or their respective affiliates) and/or purchase or sell shares of Affirm's Class A common stock concurrently with or shortly after the pricing of the Notes.
Repurchases of the 2026 notes, and the potential related market activities by holders of any 2026 notes that are repurchased by Affirm could increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of Affirm's Class A common stock, which may affect the trading price of the Notes offered in the Offering at that time and, to the extent effected concurrently with the pricing of the Offering, the initial conversion price of the Notes. Affirm cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes offered in the Offering or Affirm's Class A common stock.
Concurrently with the pricing of the Notes in the Offering, Affirm also expects to repurchase up to $300 million of shares of its Class A common stock (the "share repurchases"), in privately negotiated transactions with or through one of the initial purchasers or its affiliate. Affirm expects the purchase price per share of Class A common stock repurchased in the share repurchases to equal the closing price per share of the Class A common stock on the date of pricing of the Notes.
These activities, and any other repurchases of shares of Affirm's Class A common stock, could increase, or reduce the size of any decrease in, the market price of Affirm's Class A common stock, including concurrently with the pricing of the Notes, resulting in a higher effective conversion price for the Notes. Affirm cannot predict the magnitude of such share repurchases or the overall effect they will have on the price of the Notes in the Offering or Affirm's Class A common stock. No assurance can be given as to how much, if any, of Affirm's Class A common stock will be repurchased or the terms on which they will be repurchased.
In addition, any share repurchases following this Offering could affect the market price of the Notes and, if conducted during an observation period for the conversion of any Notes, could affect the amount and value of the consideration that is due upon such conversion. However, Affirm does not have an authorized share repurchase program other than the share repurchases expected to be executed concurrently with the pricing of this Offering.
This press release is not an offer to repurchase the 2026 notes or Affirm's Class A common stock, and the Offering of the Notes is not contingent upon the note repurchases or the share repurchases.
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The offer and sale of the Notes and any shares of Class A common stock of Affirm issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, the Notes and such shares, if any, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Notes (or any shares of Class A common stock of Affirm issuable upon conversion of the Notes) in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.
About Affirm
Affirm's mission is to deliver honest financial products that improve lives. By building a new kind of payment network – one based on trust, transparency and putting people first – we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X.
舊金山--(美國商業資訊)--Affirm Holdings, Inc.(納斯達克股票代碼:AFRM)(「Affirm」 或 「公司」)今天宣佈,根據市場狀況和其他因素,打算以私募形式(「發行」)發行本金總額爲7.5億美元的2029年到期的可轉換優先票據(「票據」)。在本次發行方面,Affirm預計將在自票據首次發行之日起的13天內,根據相同的條款和條件,向票據的初始購買者授予最多1.125億美元的票據本金總額的購買期權。
Affirm預計將使用本次發行的淨收益回購其2026年到期的0%可轉換優先票據(「2026年票據」)的一部分,如下所述。此外,Affirm預計將使用本次發行的部分淨收益以及手頭現金(如有必要),在發行定價的同時回購高達3億美元的A類普通股,如下所述。2026年票據的回購和Affirm的A類普通股的回購可能會增加或縮小AffirmA類普通股交易價格的下跌規模,並可能影響票據的初始條款,包括初始轉換價格。Affirm希望將所有剩餘收益用於一般公司用途。
票據的最終條款,包括初始轉換價格、利率和某些其他條款,將在發行定價時確定。發行後,這些票據將是Affirm的優先無擔保債務。這些票據將於2029年12月15日到期,除非在該日期之前根據其條款提前回購、兌換或轉換。在2029年9月15日前一個工作日營業結束之前,只有在滿足特定條件和特定時期內,票據持有人才能選擇兌換。在2029年9月15日當天或之後,直到到期日前第二個預定交易日營業結束,無論條件如何,票據持有人都可以選擇隨時兌換。轉換後,Affirm將支付不超過待轉換票據本金總額的現金,並視情況支付或交付現金、Affirm的A類普通股或Affirm的現金和A類普通股的組合,以支付或交付Affirm選擇的Affirm轉換義務中超過所轉換票據本金總額的剩餘部分(如果有)。Affirm 不得在 2027 年 12 月 20 日之前兌換票據。Affirm可以在2027年12月20日當天或之後選擇將票據的全部或任何部分兌換成現金,但前提是Affirm上次報告的A類普通股每股銷售價格在指定時間內至少爲轉換價格的130%。
在對本次發行中票據進行定價的同時,Affirm預計將與2026年票據的某些持有人進行一項或多項單獨和單獨協商的交易,以現金回購其2026年票據的一部分(「票據回購」)。票據回購的條款預計將與每位此類持有人單獨協商,並將取決於多個因素,包括Affirm的A類普通股的市場價格和回購此類票據時2026年票據的交易價格。無法保證2026年票據中有多少(如果有的話)或回購的條款。
Affirm希望通過初始購買者之一和/或其關聯公司就票據回購進行談判。本次發行完成後,Affirm還可能回購其他未償還的2026年票據。
Affirm預計,Affirm如上所述回購的2026年票據的持有人可以在票據定價的同時或不久購買或解倉與Affirm的A類普通股相關的各種衍生品(包括與本次發行中的一個或多個初始購買者或其各自關聯公司進行衍生品)和/或購買或出售Affirm的A類普通股。
回購2026年票據以及Affirm回購的任何2026年票據的持有人的潛在相關市場活動可能會增加(或縮小任何減少的規模)或減少(或縮小任何上漲的規模)Affirm的A類普通股的市場價格,這可能會影響當時本次發行中發行的票據的交易價格,以及與本次發行定價同時發生的範圍,票據的初始轉換價格。Affirm無法預測此類市場活動的規模,也無法預測其對本次發行中發行的票據價格或Affirm的A類普通股價格的總體影響。
在對本次發行的票據進行定價的同時,Affirm還預計將通過與初始購買者之一或其關聯公司私下談判的交易回購多達3億美元的A類普通股(「股票回購」)。Affirm預計,在股票回購中回購的A類普通股的每股收購價格將等於票據定價之日A類普通股的每股收盤價。
這些活動以及對AffirmA類普通股的任何其他回購,都可能增加或縮小AffirmA類普通股市價的任何下跌幅度,包括同時進行票據的定價,從而提高票據的有效轉換價格。Affirm無法預測此類股票回購的規模,也無法預測它們將對本次發行的票據或Affirm的A類普通股價格產生的總體影響。無法保證將回購Affirm的A類普通股的多少(如果有的話)或回購的條款。
此外,本次發行之後的任何股票回購都可能影響票據的市場價格,如果在任何票據轉換的觀察期內進行,則可能會影響此類轉換時應付的對價金額和價值。但是,除了預計將與本次發行的定價同時執行的股票回購外,Affirm沒有授權的股票回購計劃。
本新聞稿不是回購2026年票據或Affirm的A類普通股的提議,票據的發行不以票據回購或股票回購爲條件。
根據經修訂的1933年《證券法》(「證券法」)第144A條,這些票據將僅向有理由認爲是合格機構買家的人發行。票據的發行和出售以及票據轉換後可發行的Affirm的任何A類普通股(如果有)的發行和出售過去和將來也不會根據《證券法》或任何其他司法管轄區的證券法進行登記,除非另行登記,否則除非根據此類註冊要求的適用豁免,否則不得在美國發行或出售票據和此類股票(如果有)。
本新聞稿不構成賣出要約或購買要約的邀請,也不得在任何州或司法管轄區的證券法註冊或資格認定之前非法的州或司法管轄區對票據(或票據轉換後可發行的A類普通股)進行任何要約或出售。
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Affirm的使命是提供改善生活的誠實金融產品。通過建立一種基於信任、透明和以人爲本的新型支付網絡,我們使數百萬消費者能夠負責任地消費和儲蓄,併爲成千上萬的企業提供推動增長的工具。與大多數信用卡和其他按時付款方式不同,我們從不收取任何滯納金或隱性費用。在社交媒體上關注 Affirm:領英 | Instagram | Facebook | X.