{"id":9313,"date":"2023-05-10T18:05:43","date_gmt":"2023-05-10T18:05:43","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/wayfair-aims-to-raise-over-half-a-billion-dollars-through-convertible-senior-notes\/"},"modified":"2023-05-10T18:05:43","modified_gmt":"2023-05-10T18:05:43","slug":"wayfair-aims-to-raise-over-half-a-billion-dollars-through-convertible-senior-notes","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/wayfair-aims-to-raise-over-half-a-billion-dollars-through-convertible-senior-notes\/","title":{"rendered":"Wayfair aims to raise over half a billion dollars through convertible senior notes"},"content":{"rendered":"<p> <p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/>\n<\/p>\n<div>\n<div class=\"text-to-speech\">\n    <button class=\"text-to-speech__button button\"><br \/>\n            <img decoding=\"async\" class=\"text-to-speech__button__icon\" src=\"https:\/\/www.retaildive.com\/static\/images\/audio_icon.svg?482016190122\" alt=\"\"\/><br \/>\n            Listen to the article<br \/>\n            <span class=\"text-to-speech__button__audio-length\">None min<\/span><br \/>\n    <\/button><\/p>\n<div class=\"text-to-speech__controls\">\n        <audio controls=\"\" class=\"js-text-to-speech\" preload=\"none\"><source src=\"https:\/\/www.retaildive.com\/news\/wayfair-convertible-senior-notes-raising-half-billion-dollars\/649919\/None\" type=\"audio\/mp3\"><\/source><\/audio><\/p>\n<div class=\"text-to-speech__controls__text\">\n            This audio is auto-generated. Please let us know if you have feedback.\n        <\/div>\n<\/p><\/div>\n<\/div>\n<p><span><span><span><span><span><span>Wayfair on Monday announced plans to <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>raise over half a billion dollars<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> by issuing convertible senior notes.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>The online home goods company said it was issuing $600 million convertible senior notes due in 2028, and will <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>bear interest at a rate of 3.5%<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> per year, according to another announcement Wednesday. Interest will be paid semi-annually, on May 15 and November 15, beginning this coming November.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>In connection with the offering, Wayfair expects to offer initial purchasers the option to purchase up to an additional $90 million of notes, within 13 days of the initial issuance date of the notes.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Wayfair expects net proceeds of $588.6 million, or $677 million if the initial purchasers exercise their offer in full. The company said it intends to use $75.8 million of the proceeds to pay the cost of the capped call transactions; about $513.8 million of the proceeds and about $1 million in cash to repurchase about $82.5 million of its 2024 notes and $534.5 million of its 2025 notes. The remaining proceeds will be used for working capital and general corporate purposes.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>The offering is expected to close on Friday.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Wayfair last week reported <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>first quarter net revenue fell 7.3%<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> year over year to $2.8 billion, with U.S. revenue falling 5% year over year to $2.4 billion and international revenue declining 20.4% to $359 million. The company\u2019s operating loss grew 11.9% from last year to reach $347 million and its net loss increased 11.3% to $355 million. The company remained optimistic though, touting an improved EBITDA \u2014 a $14 million loss versus a $113 million loss a year ago. Wayfair expects to be EBITDA positive as early as this quarter.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n<p><p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Listen to the article None min This audio is auto-generated. Please let us know if you have feedback. Wayfair on Monday announced plans to raise [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-9313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/9313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/comments?post=9313"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/9313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media\/9314"}],"wp:attachment":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media?parent=9313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=9313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=9313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}