Opendoor Technologies Inc. announced the completion of its negotiated exchange and subscription agreements, issuing $325.0 million aggregate principal amount of 7.000% Convertible Senior Notes due 2030. This transaction included exchanging approximately $245.8 million of its 2026 Notes for the new 2030 Notes.
The company also issued approximately $79.2 million principal amount of 2030 Notes for cash, resulting in gross proceeds of $75.3 million to its balance sheet. The new 2030 Notes have an initial conversion price of approximately $1.57 per share, representing an 80% premium over the common stock's closing price on May 8, 2025.
CFO Selim Freiha stated that these steps successfully exchanged the majority of outstanding 2026 Notes and opportunistically added cash, positioning the company to focus on its mission to reinvent the U.S. residential real estate industry. This move enhances the company's financial flexibility and liquidity.
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