Magnite talks $350 million five-year convertible notes to yield 0%-0.5%, up 37.5%-42.5%

By Abigail W. Adams

Portland, Me., March 15 – Magnite plans to price $350 million of five-year convertible notes after the market close on Monday with price talk for a coupon of 0% to 0.5% and an initial conversion premium of 37.5% to 42.5%, according to a market source.

Goldman Sachs & Co. LLC is underwriter for the Rule 144A offering, which carries a greenshoe of $50 million.

Proceeds will be used to cover the cost of the call spread and to pay a portion of the purchase price for the acquisition of SpotX.

If the acquisition is not completed, proceeds will be used for general corporate purposes, which may include capital expenditures or acquisitions and strategic transactions.

Magnite is a Los Angeles-based sellside advertising platform.

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