04:28 AM EST, 12/18/2024 (MT Newswires) -- Affirm (AFRM) said late Tuesday it priced the private offering of $800 million of its 0.75% convertible senior notes due 2029, up from the initial size of $750 million.

The initial conversion rate of the notes will be 9.8992 class A common shares per $1,000 in principal amount of notes, which is equivalent to an initial conversion price of about $101.02 per share.

Initial purchasers have been granted a 13-day period to purchase up to $120 million of additional notes.

The sale is expected to close Dec. 20.

Affirm expects to use the net proceeds and cash to repurchase about $960 million of 0% convertible senior notes due 2026 for $892.8 million in cash, in separate and privately negotiated transactions.

In addition, Affirm expects to repurchase about 3.5 million class A shares for about $250 million in cash concurrently with the offering in privately negotiated transactions. The purchase price will be $70.89 per share, the closing price for the stock on Dec. 17.