Shopify greenshoe exercised, ups convertible notes to $920 million

By Taylor Fox

New York, Sept. 18 – Underwriters for Shopify Inc.’s convertible senior notes due 2025 fully exercised their $120 million greenshoe on Friday, lifting the total deal size to $920 million, according to a company news release.

The company originally priced $800 million of the notes on Tuesday at par with a coupon of 0.125% and an initial conversion premium of 60%.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are joint managers on the offering.

The notes are contingently convertible until Aug. 1, 2025.

They are non-callable until Sept. 15, 2023 and then subject to a 130% hurdle.

The notes are putable upon a fundamental change.

Shopify expects to use the proceeds of the offerings to strengthen its balance sheet, providing flexibility to fund its growth strategies.

Shopify is an Ottawa-based global commerce company.

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