DBX - Dropbox prices upsized $1.306B convertible senior notes offering

Dropbox (DBX) has priced upsized private placement of $653M of convertible senior unsecured notes due 2026 and $653M of convertible senior unsecured notes due 2028.Initial purchasers granted an option to purchase up to an additional $65.3M of 2026 Notes and up to an additional $65.3M of 2028 Notes.Closing date is February 26, 2021.Net proceeds expected to be ~$1.286M (or ~$1.414M if the initial purchasers exercise their option). The company intends to use ~$58.6Mof the net proceeds to pay the cost of the convertible note hedge transactions, ~$200M to repurchase Class A common stock at $23.18/share and the remaining proceeds will be used for general corporate purposes.

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Dropbox prices upsized $1.306B convertible senior notes offering