Meet&Co
BOSTON — Wayfair LLC, a subsidiary of Wayfair Inc., plans to offer $700 million in senior secured notes in a private offering, subject to market conditions.
The proceeds from the notes, due in 2030, will be used to repurchase a portion of Wayfair’s outstanding 0.625% convertible senior notes due in 2025 and 1% convertible senior notes due in 2026, as well as for general corporate purposes, including potential debt repayment.
The repurchase of the 2025 and 2026 notes may impact Wayfair’s Class A common stock, as holders who hedged their equity price risk may unwind hedges by buying shares or adjusting derivative transactions.
The new notes will be fully guaranteed by Wayfair and certain domestic subsidiaries, secured by first-priority liens on assets backing the company’s existing senior secured revolving credit facility and notes.
Concurrently, Wayfair plans to amend its credit agreement to establish a new $500 million credit facility, extending its maturity to 2030. Syndication efforts for this revolver are ongoing.
