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June 16, 2021, 7:09 a.m. EDT

Vroom upsizes convertible note offering to $550 million vs. prior $500 million

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By Ciara Linnane

Used-car e-commerce company Vroom Inc. /zigman2/quotes/218801255/lastsale VRM +0.38% said Wednesday it has upsized an offering of convertible bonds due 2026 to $550 million from a prior $500 million and priced the offering at 0.750%. The initial conversion rate is 17.8527 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $56.01 per share of common stock, the company said in a statement. That is equal to a premium of about 40% over the last reposted sale of $40.01 per share of Vroom's stock on Tuesday. Proceeds of the deal will be used for general corporate purposes, including working capital, operating expenses and for potential acquisitions. Vroom shares were flat premarket and have fallen 2.5% in the year through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.82% has gained 13%.

/zigman2/quotes/218801255/lastsale
US : U.S.: Nasdaq
$ 37.36
+0.14 +0.38%
Volume: 1.74M
Aug. 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.08 billion
Rev. per Employee
$1.44M
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/zigman2/quotes/210599714/realtime
US : S&P US
4,423.15
+35.99 +0.82%
Volume: 2.20B
Aug. 3, 2021 4:58p
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