share_log

Lyft Inc | 8-K: Lyft Enters into Amendment No. 2 to Revolving Credit Agreement with Other Lenders and Company Announces Private Placement of $400 Million Convertible Senior Notes

SEC announcement ·  Feb 22 06:12
Summary by Futu AI
On February 21, 2024, Lyft Inc. announced the entry into Amendment No. 2 to its Revolving Credit Agreement, which includes significant changes such as the replacement of total leverage with total net leverage for financial covenant tests and the permission for the company to repurchase a specified amount of its common stock using proceeds from a convertible note offering. Concurrently, Lyft also declared its intention to offer $400 million in convertible senior notes due in 2029 to qualified institutional buyers, with the possibility of an additional $60 million to cover over-allotments. The proceeds from this offering are intended for repurchasing a portion of its 1.50% Convertible Senior Notes due 2025, paying for capped call transactions, and purchasing up to approximately $50 million of its Class A common stock. The company has also entered into capped call transactions to minimize dilution from the conversion of the new notes. The market activities related to the note offerings and capped call transactions may affect the trading prices of Lyft's Class A common stock and the notes.
On February 21, 2024, Lyft Inc. announced the entry into Amendment No. 2 to its Revolving Credit Agreement, which includes significant changes such as the replacement of total leverage with total net leverage for financial covenant tests and the permission for the company to repurchase a specified amount of its common stock using proceeds from a convertible note offering. Concurrently, Lyft also declared its intention to offer $400 million in convertible senior notes due in 2029 to qualified institutional buyers, with the possibility of an additional $60 million to cover over-allotments. The proceeds from this offering are intended for repurchasing a portion of its 1.50% Convertible Senior Notes due 2025, paying for capped call transactions, and purchasing up to approximately $50 million of its Class A common stock. The company has also entered into capped call transactions to minimize dilution from the conversion of the new notes. The market activities related to the note offerings and capped call transactions may affect the trading prices of Lyft's Class A common stock and the notes.

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content. It is only available to users located outside of China mainland.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.