Fenwick represented Redfin (NASDAQ: RDFN), a technology-powered residential real estate company, in its offering and sale of $661.25 million aggregate principal amount of 0% convertible senior notes due 2025 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
The aggregate principal amount of the offering was increased to $575 million from the initially announced offering size of $525 million, and the initial purchaser of the notes exercised its option in full to purchase an additional $86.25 million aggregate principal amount of notes. The sale closed on October 20, 2020. In connection with the offering and sale of notes, Fenwick also assisted Redfin in privately negotiated transactions to repurchase approximately $116.9 million of aggregate principal amount of Redfin’s 1.75% convertible senior notes due 2023 in exchange for approximately $107.4 million in cash and approximately 2.1 million shares of Redfin common stock.
More information can be obtained from Redfin’s announcement.
The Fenwick transaction team included corporate partners Alan Smith and David Michaels; partners elect Katherine Duncan and Julia Forbess; and associates Lillian Icard, Lailey Rezai, Jenna Hsieh and R. Harrison Dilday.