Compass, Inc. (COMP), a real estate brokerage services company, Wednesday announced that it is privately offering $750 million of convertible senior unsecured notes due 2031.
Further, the company intends to grant buyers of the Notes an option to purchase up to an additional $112.5 million of the Notes within a 13-day period beginning on, and including, the date on which the Notes are initially issued.
The net proceeds from the private offering will be utilized towards the merger with Anywhere Real Estate Inc. and repayment of certain existing indebtedness of Anywhere and its subsidiaries at closing of the merger, which includes borrowings under Anywhere's revolving credit facility and payment of fees, costs and expenses related to the merger.
The net proceeds will also be used towards the funding of the net cost of entering into the capped call transactions.
In pre-market activity, COMP shares were trading at $10.25, down 5.44% on the New York Stock Exchange.
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