Wayfair issues $1.32bn convertible as stock flies

Wayfair_Inc_PA_575_375
By Aidan Gregory
13 Aug 2020

Wayfair, the US e-commerce company that sells home office furniture, has raised $1.32bn with the sale of a new convertible bond, after a surge in its stock price during the Covid-19 pandemic.

The five year bonds were priced with a 0.625% coupon and a conversion premium of 32.5% above the volume weighted average price of Wayfair’s stock during bookbuild.

Citigroup and Goldman Sachs were bookrunners.

The bond was initially sized at $1,2bn, but this was later increased to $1.32bn, as a ...

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