Uber amends conversion settlement terms for 0% convertibles due 2025

By Marisa Wong

Los Angeles, Dec. 1 – Uber Technologies, Inc. entered into a first supplemental indenture on Nov. 24 to the indenture dated Dec. 11, 2020 governing its 0% convertible notes due 2025 with U.S. Bank Trust Co., NA as trustee, according to an 8-K filing with the Securities and Exchange Commission.

Under the supplemental indenture, the company irrevocably elected to eliminate its option to choose physical settlement on any conversion of the 2025 notes that occurs on or after the date of the supplemental indenture.

Also, the company chose cash settlement or combination settlement as the settlement method of any conversion of the 2025 notes.

In addition, with respect to any combination settlement for a conversion of the 2025 notes, the specified dollar amount that will be settled in cash per $1,000 principal amount of the notes will be no lower than $1,000.

Uber is a San Francisco-based ride-sharing technology company.

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