Wayfair Inc. announced the pricing by its subsidiary, Wayfair LLC, of a private offering of $700 million in aggregate principal amount of 7.750% senior secured notes due 2030. The offering is expected to close on March 13, 2025, subject to customary closing conditions.
A portion of the net proceeds from the notes offering will be used to purchase approximately $580 million aggregate principal amount of Wayfair's outstanding 1.00% convertible senior notes due 2026. The remaining proceeds are designated for general corporate purposes, which may include the repayment or repurchase of other existing indebtedness.
The new notes and related guarantees will be secured on a first-priority basis by liens on the same assets that secure the Issuer's senior secured revolving credit facility and existing senior secured notes. This financing move is a key step in Wayfair's strategy to strengthen its capital structure and manage its debt obligations.
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