Affirm prices upsized offering of $800M of convertible senior notes due 2029

Affirm (AFRM) Holdings “announced the pricing of $800M aggregate principal amount of 0.75% Convertible Senior Notes due 2029 in a private offering. The size of the Offering was increased from the previously announced $750 million in aggregate principal amount. In connection with the Offering, Affirm has granted 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 $120 million aggregate principal amount of the Notes on the same terms and conditions. The sale of the Notes to the initial purchasers is expected to settle on December 20, 2024, subject to customary closing conditions. The notes will bear interest at a rate of 0.75% per annum payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2025. 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. The initial conversion rate of the Notes will be 9.8992 shares of Affirm’s Class A common stock per $1,000 principal amount of Notes, equivalent to an initial conversion price of approximately $101.02 per share of Affirm’s Class A common stock, which represents a conversion premium of approximately 42.5% to the last reported sale price of Affirm’s Class A common stock on the Nasdaq Global Select Market on December 17, 2024.”