Opendoor to buy back $279 million of 0.25% convertibles due 2026

By Mary-Katherine Stinson

Lexington, Ky., May 10 – Opendoor Technologies Inc. entered into separate, privately negotiated repurchase agreements with a limited number of holders of its 0.25% convertible senior notes due 2026 to repurchase about $279 million of the notes, according to an 8-K filing with the Securities and Exchange Commission.

The repurchase price will be at a roughly 39.5% discount to par value.

It will be paid in cash.

Settlement is planned for May 12, leaving about $510 million of the notes outstanding.

The company stated that the capped call transactions it had previously entered into relating to the notes are expected to remain in effect, despite the repurchases.

Opendoor is a Tempe, Ariz.-based online residential real estate company.

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