Wayfair Inc. (NYSE: W) has announced its intention to offer $700 million in aggregate principal amount of senior secured notes due 2029. The net proceeds from this offering, combined with cash on hand, will be used for the repayment of certain existing convertible senior notes and for general corporate purposes. The notes will be fully and unconditionally guaranteed on a senior secured basis by Wayfair and certain Wayfair domestic subsidiaries.
The notes and related guarantees will be secured on a first-priority basis by liens on the same assets that secure the issuer’s senior secured revolving credit facility. It's important to note that the notes and related guarantees will not be registered under the securities laws and will not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
As of June 30, 2024, Wayfair generated $11.9 billion in net revenue. The company is headquartered in Boston, Massachusetts and operates globally. Wayfair's family of brands includes Wayfair, AllModern, Birch Lane, Joss & Main, Perigold, and Wayfair Professional.
This move comes as Wayfair continues to expand its reach and offerings in the home goods market, providing quality finds for every style and budget, and a convenient experience from inspiration to installation. Following these announcements, the company's shares moved 0.8%, and are now trading at a price of $53.25. Check out the company's full 8-K submission here.
