Summary
Uber Technologies, Inc. (UBER) filed an 8-K on May 22, 2020, reporting the completion of a private offering for an additional $100 million aggregate principal amount of its 7.500% Senior Notes due 2025. These notes are a further issuance and form a single series with the $900 million previously issued on May 15, 2020, bringing the total principal amount of these senior notes to $1 billion. The offering was conducted in reliance on exemptions from registration under the Securities Act, targeting qualified institutional buyers. The net proceeds from this offering are intended for general corporate purposes. This move signals Uber's continued access to debt markets to bolster its financial resources, which is particularly relevant given the uncertain economic environment at the time. Investors should note that these notes carry a 7.500% interest rate and mature in 2025, and are governed by the same indenture as the previously issued notes.
Key Highlights
- 1Uber completed a private offering of $100 million in 7.500% Senior Notes due 2025.
- 2This issuance increases the total principal amount of these senior notes to $1 billion ($900 million previously issued).
- 3The offering was conducted under exemptions from registration, targeting qualified institutional buyers.
- 4Net proceeds are earmarked for general corporate purposes.
- 5The new notes form a single series with the existing 7.500% Senior Notes due 2025.
- 6The issuance was completed on May 20, 2020.