Eventbrite to Repurchase a Portion of Its 5% Convertible Senior Notes Due 2025

Eventbrite, Inc. (NYSE: EB), a global marketplace for shared experiences, announced that on August 21, 2024, it entered into privately negotiated repurchase transactions with a limited number of holders of its 5.000% Convertible Senior Notes due 2025. As a result of these transactions, the company plans to repurchase $120 million in aggregate principal amount of the 2025 Notes for approximately $120.2 million in cash. This amount includes around $1.4 million in accrued and unpaid interest. The transactions are expected to settle on or about August 22, 2024, subject to customary closing conditions.

Following the completion of these repurchases, $30 million in aggregate principal amount of the 2025 Notes will remain outstanding.

Eventbrite previously engaged in capped call transactions with certain financial institutions related to the issuance of the 2025 Notes. These transactions will remain in effect despite the repurchases.

This announcement does not constitute an offer to sell or a solicitation to buy the 2025 Notes in any jurisdiction where such an offer, sale, or solicitation would be unlawful.

About Eventbrite

Eventbrite is a global events marketplace that connects event creators and attendees in nearly 180 countries. Since its founding by Julia Hartz, Kevin Hartz, and Renaud Visage, Eventbrite has transformed the experience economy, enabling anyone to create and sell tickets to live events. In 2023 alone, over 300 million tickets were distributed for more than 5 million events through Eventbrite. The company has earned recognition as one of Fast Company’s World’s 50 Most Innovative Companies and Brands That Matter, and has received accolades such as the Great Place to Work® Award in the U.S. and Inc.’s Best-Led Companies honor.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve significant risks and uncertainties. All statements other than historical facts could be considered forward-looking, including those regarding the repurchase of the 2025 Notes, the completion, timing, and size of these repurchases, and the status of existing capped call transactions. Forward-looking statements are identifiable by terms such as “may,” “will,” “expects,” “plans,” “anticipates,” “believes,” and similar expressions. These statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those indicated. These risks include market conditions and the satisfaction of closing conditions related to the repurchases, among others detailed in Eventbrite’s filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors are cautioned not to place undue reliance on these statements. Eventbrite does not assume any obligation to update these forward-looking statements, except as required by law.

Source link

Share your love

Newsletter Updates

Enter your email address below and subscribe to our newsletter