OB - Outbrain repurchases convertible notes for $96M in cash
2023-04-17 09:14:26 ET
- Outbrain ( NASDAQ: OB ) has repurchased $118M of its 2.95% Convertible Senior Notes due 2026 via a privately negotiated repurchase agreement with Baupost Group Securities, the sole holder of the notes.
- The notes were repurchased for ~$96M in cash (including accrued interest). As a result, Outbrain ( OB ) will record a pre-tax gain of ~$22M in the second quarter of 2023.
- Following the closing of the repurchase, ~$118M principal amount of the notes out of the initially issued principal balance of $236M, will remain outstanding and continue to be subject to the terms of the indenture dated as of July 27, 2021 pursuant to which they were issued.
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Outbrain repurchases convertible notes for $96M in cash