The notes will be total unsecured duties of Redfin, and interest will be payable semi-each year in arrears.
The notes will feeble on
The price of interest, initial conversion price, offering tag and other phrases are to be particular by negotiations between Redfin and the initial purchaser.
Redfin expects to use a portion of the get proceeds from the offering of the notes, alongside with shares of Redfin total stock, to repurchase a portion of its accepted 1.75% convertible senior notes due 2023 (the “2023 notes”) as described below. Redfin expects to use the rest of the get proceeds from this offering for working capital and other total company purposes. Redfin can also additionally use a portion of the get proceeds to make investments in or compose third-celebration corporations, merchandise, companies, technologies or other resources.
Redfin expects to use a portion of the get proceeds of the offering, alongside with shares of its total stock, to repurchase a portion of its 2023 notes by privately negotiated transactions entered into on the identical time as with the pricing of the proposed offering (the “stamp repurchases”). In connection with any stamp repurchases, Redfin expects that holders of the accepted 2023 notes that maintain hedged their equity tag threat with appreciate to such notes (the “hedged holders”) will, on the identical time as with the pricing of the notes, unwind their hedge positions by making an strive to search out Redfin total stock (to the extent they won’t acquire shares of Redfin total stock in connection with such stamp repurchases) and/or stepping into or unwinding plenty of spinoff transactions with appreciate to Redfin total stock. The volume of Redfin total stock to be purchased by the hedged holders will be gargantuan in the case of the ancient moderate daily procuring and selling volume of Redfin total stock. This divulge by the hedged holders would perhaps well perhaps delay (or minimize any decrease) available within the market tag of Redfin total stock and can also level-headed delay the effective conversion tag of the notes.
This announcement is neither a proposal to promote nor a solicitation of a proposal to settle on any Redfin securities (including the shares of Redfin total stock, if any, into which the notes are convertible) and shall no longer represent a proposal, solicitation or sale in any jurisdiction whereby such offer, solicitation or sale is in opposition to the law. Any gives of the notes will be made only by strategy of a private offering memorandum.
The notes, any shares of Redfin total stock issuable upon conversion of the notes and any shares of Redfin total stock issuable in connection with any repurchases of the 2023 notes maintain no longer been registered beneath the Act, or any insist securities regulations, and can also level-headed no longer be equipped or equipped in
Ahead-Taking a see Statements
This press unlock contains forward-looking statements correct by the which diagram of federal securities regulations including, statements relating to to the timing of the proposed offering, the proposed repurchases of the 2023 notes, anticipated actions of holders of the 2023 notes that participate within the stamp repurchases and anticipated use of proceeds from the proposed offering. We consider our expectations linked to these forward-looking statements are cheap, nonetheless exact results can also prove to be materially diverse. Components that would perhaps well perhaps reason exact results to vary materially from the forward-looking statements in this press unlock embrace prevailing market stipulations, the affect of total financial, industry or political stipulations in
About Redfin
Redfin is a technology-powered residential exact property firm, redefining exact property within the actual person’s settle on in a price-pushed industry. We invent this by integrating each step of the home making an strive to search out and selling course of and pairing our have brokers with our have technology, increasing a service that’s faster, better and expenses less. We offer brokerage, iBuying, mortgage, and title companies, and we additionally flee the country’s #1 exact property brokerage search build of residing, offering a host of on-line tools to customers, including the Redfin Estimate. We signify folks making an strive to search out and selling homes in over 90 markets in
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SOURCE Redfin
Investor Relatives: Shikher Mathur, 206-576-8610, [email protected]; Public Relatives: Mariam Sughayer, 206-588-6863, [email protected]