Lead
Convertible-note exchange expected to close today
- About $1.4bn of 0% convertibles due 2030 and 2032 are being exchanged and cancelled.
- Holders get about 55.5 million Class A shares (73%) and $358.4 million cash (27%), funded from cash on hand.
- An August 31 amendment killed the remaining VWAP window, so no more shares can be issued on this deal.
Why it matters — Share count jumps by 55.5 million, but the issuance is now a known number instead of an open-ended VWAP print.