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Chegg enters exchange agreements for convertibles due 2026, 2025
By Mary-Katherine Stinson
Lexington, Ky., May 12 – Chegg, Inc. on May 11 entered into individual, privately negotiated exchange agreements with a limited number of holders of its outstanding 0% convertible senior notes due 2026 and 0.125% convertible senior notes due 2025, according to an 8-K filing with the Securities and Exchange Commission.
The agreements stipulate that $66.2 million of the 2026 notes and $235.6 million of the 2025 notes will be exchanged for an estimated total cash repurchase price of about $50.3 million and $209.7 million, respectively.
The final total cash repurchase price of the 2025 notes will be determined in part based on the volume weighted average price of the company’s common stock on May 12.
The transactions are expected to settle on May 22, leaving $433.8 million of the 2026 notes and $464.4 million of the 2025 notes outstanding.
Chegg is a Santa Clara, Calif.-based online textbook rental, tutoring, scholarship and internship matching company.
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