Fenwick represented Redfin Corporation (NASDAQ: RDFN), a technology-powered real estate broker, instant home-buyer, lender, title insurer and renovations company, in its offering and sale of $500 million aggregate principal amount of 0.50% convertible senior notes due 2027 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
The net proceeds from the offering are approximately $487.9 million, after deducting the initial purchasers' discount and estimated offering expenses payable by Redfin. The sale closed on March 25, 2021. Fenwick also assisted Redfin with its entry into capped call transactions to manage potential dilution from the new notes, using $54.5 million of the net proceeds. More information can be obtained from Redfin’s announcement.
The Fenwick transaction team included corporate partners Alan Smith, David Michaels and Katherine Duncan; associates Daisy Chen, Annie Omata and Grace Fernandez; and law clerk Danielle Coleman.