Upwork To Raise $500M Via Convertible Senior Notes Private Offering

Upwork Inc UPWK plans to offer $500 million of convertible senior notes due 2026 in a private placement.
Upwork also intends to grant the initial purchasers an option to purchase up to an additional $75.0 million of notes. The notes will mature on August 15, 2026. Interest will be payable semiannually in arrears.
Upwork intends to use a portion of the net proceeds to pay the cost of the capped call transactions and the remainder for general corporate purposes.
Price Action: UPWK shares are trading lower by 8.18% at $47.05 on the last check Thursday.