Lyft announces pricing of offering of $650 million of convertible senior notes and capped call to increase effective conversion price to $73.83 (150% effective conversion premium)

San francisco, may 12, 2020 (globe newswire) -- lyft, inc. (“lyft”) (nasdaq:lyft) today announced the pricing of $650 million aggregate principal amount of convertible senior notes due 2025 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to rule 144a under the securities act of 1933, as amended (the “securities act”). lyft also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $97.5 million aggregate principal amount of the notes. the sale of the notes to the initial purchasers is expected to settle on may 15, 2020, subject to customary closing conditions, and is expected to result in approximately $637.5 million in net proceeds to lyft after deducting the initial purchasers’ discount and estimated offering expenses payable by lyft (assuming no exercise of the initial purchasers’ option to purchase additional notes).
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