Remitly Global Prices $500M Convertible Notes Offering
Ticker: RELY · Form: 8-K · Filed: Jun 18, 2024 · CIK: 1782170
Sentiment: neutral
Topics: debt-offering, financing, convertible-notes
Related Tickers: RELY
TL;DR
Remitly just priced $500M in convertible notes due 2029, with an option for another $75M.
AI Summary
On June 12, 2024, Remitly Global, Inc. announced the pricing of its offering of $500 million aggregate principal amount of 0.875% convertible senior notes due 2029. The company also granted the initial purchasers an option to purchase up to an additional $75 million aggregate principal amount of notes. This offering is expected to close on June 17, 2024.
Why It Matters
This capital raise provides Remitly with funds that can be used for general corporate purposes, potentially including expansion or strategic initiatives, which could impact future growth and profitability.
Risk Assessment
Risk Level: medium — Convertible notes can dilute existing shareholders if converted, and the interest rate is fixed, meaning the company is obligated to pay it regardless of financial performance.
Key Numbers
- $500M — Convertible Notes Offering (Primary amount raised in the offering.)
- $75M — Optional Notes Purchase (Potential additional amount the company could raise.)
- 0.875% — Interest Rate (The fixed annual interest rate on the notes.)
- 2029 — Maturity Date (The year the principal amount of the notes is due.)
Key Players & Entities
- Remitly Global, Inc. (company) — Issuer of the notes
- $500 million (dollar_amount) — Aggregate principal amount of convertible notes
- 0.875% (dollar_amount) — Interest rate on the convertible notes
- 2029 (date) — Maturity year of the convertible notes
- $75 million (dollar_amount) — Additional principal amount option for the notes
- June 12, 2024 (date) — Date of the announcement
- June 17, 2024 (date) — Expected closing date of the offering
FAQ
What is the purpose of the convertible senior notes offering?
The filing states the net proceeds are expected to be used for general corporate purposes, which may include working capital, capital expenditures, and potential strategic transactions.
What is the interest rate on the new notes?
The notes will bear interest at a rate of 0.875% per year.
When is the offering expected to close?
The offering is expected to close on or about June 17, 2024.
Can the initial purchasers buy more notes?
Yes, Remitly Global, Inc. granted the initial purchasers an option to purchase up to an additional $75 million aggregate principal amount of notes.
What is the maturity date of the notes?
The notes are due on June 15, 2029.
Filing Stats: 714 words · 3 min read · ~2 pages · Grade level 13.8 · Accepted 2024-06-18 16:13:05
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share RELY The Nasdaq Stock Marke
Filing Documents
- rely-20240612.htm (8-K) — 38KB
- 0001782170-24-000178.txt ( ) — 167KB
- rely-20240612.xsd (EX-101.SCH) — 2KB
- rely-20240612_lab.xml (EX-101.LAB) — 23KB
- rely-20240612_pre.xml (EX-101.PRE) — 13KB
- rely-20240612_htm.xml (XML) — 3KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders. On June 12, 2024, Remitly Global, Inc. (the "Company") held its 2024 Annual Meeting of Stockholders (the "Annual Meeting"), at which a quorum was present. At the Annual Meeting, the stockholders of the Company voted on the following three proposals: Proposal 1 — Election of Directors The following nominees were elected to the Company's Board of Directors to hold office for terms to expire upon the annual stockholders' meeting to be held in 2027 and until their successors are elected and qualified, or until their earlier death, resignation, or removal. The votes cast at the Annual Meeting were as follows: Nominee For Withheld Broker Non-Votes Joshua Hug 94,500,947 16,117,759 23,461,779 Matthew Oppenheimer 99,643,427 10,975,279 23,461,779 Margaret Smyth 95,478,534 15,140,172 23,461,779 Proposal 2 — Advisory Vote to Approve Executive Compensation The stockholders approved, on an advisory basis, the compensation of the Company's named executive officers. For Against Abstain Broker Non-Votes 108,171,289 2,438,226 9,191 23,461,779 Proposal 3 — Ratification of Appointment of Independent Registered Public Accounting Firm The proposal to ratify the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024 was approved based upon the following votes: For Against Abstain 128,987,001 5,069,933 23,551
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. Matthew Oppenheimer, the Company's Chief Executive Officer and Chairman of the Board of Directors, declined to be considered for an equity compensation award in 2024 to support the performance awards granted to employees and executives of the Company in April 2024 and in recognition of broad stockholder focus on dilution. The information in Item 7.01 of this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of Section 18. The information in Item 7.01 of this Current Report shall not be incorporated by reference into any registration statement or other document filed by the Company pursuant to the Exchange Act, regardless of any general incorporation language contained in such filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Remitly Global, Inc. Date: June 18, 2024 By: /s/ Saema Somalya Saema Somalya EVP, Legal and Risk