Twitter Completes $1.15 Billion Convertible Notes Offering

On June 11, 2018, Twitter issued $1.15 billion in aggregate principal amount of its 0.25 percent convertible senior notes due 2024 in a private placement to qualified institutional buyers. The amount reflects the exercise in full of the initial purchasers' option to purchase an additional $150 million in aggregate principal amount of notes to cover over-allotments. Wilson Sonsini Goodrich & Rosati represented Twitter in the offering.

In connection with the pricing of the notes and the exercise of the initial purchasers' over-allotment option, Twitter entered into privately negotiated convertible note hedge transactions with one or more of the initial purchasers and/or their respective affiliates or other financial institutions.

The WSGR team representing Twitter in the offering includes partner and chair Katie Martin; partners Lisa Stimmell, Michael Occhiolini, and Erik Franks; and associates Michael Rosati, Melissa Rick, Nathan Cao, Gordon Grafft, and Stephen Horton. Partners Eileen Marshall and Myra Sutanto Shen and associate Timothy Shapiro advised Twitter on tax matters.

For more information, please see Twitter's press release.