By Dhirendra Tripathi
Investing.com – Vroom (NASDAQ:VRM) shares fell by more than 6% in Tuesday’s premarket trading following the company’s decision to raise $500 million via convertible senior notes due in 2026.
The used-vehicle e-commerce platform provider also expects to grant the buyers an additional $75 million aggregate principal amount of notes.
When issued, the notes will be senior, unsecured obligations of Vroom, will accrue interest payable semi-annually in arrears and will mature on July 1, 2026, unless earlier repurchased, redeemed or converted.
Vroom intends to use the net proceeds from the offering for general corporate purposes and investing in businesses, products, services or technologies.