Ziff Davis exchanges $400.9 million of 2026 convertible notes for new 2028 notes
Ziff Davis issued $263.1 million of new 3.625% convertible senior notes due 2028 and paid about $135.0 million in cash to exchange $400.9 million of its 1.75% convertible notes due 2026. The exchange extends the maturity of that debt by about two years and adds a new obligation tied to the company's stock price, with potential dilution of up to 2,631,470 shares if converted in shares.
- Exchanged $400,891,000 of 1.75% 2026 notes for $263,147,000 of new 3.625% 2028 notes plus about $134,989,000 in cash
- New 2028 notes mature March 1, 2028; interest is paid semi-annually starting March 1, 2025
- Initial conversion price is $100 per share, implying up to 2,631,470 common shares if settled in stock
- Notes are senior unsecured and rank structurally below all subsidiary liabilities