Groupon entered into privately-negotiated agreements with holders of 1.125% Convertible Senior Notes due 2026; reported Q3 results
- Revenue was $114.5 million in the third quarter 2024, down 9% (10% FX-neutral) compared with the prior year period (low-end of guidance). Local revenue was $105.0 million in the third quarter 2024, down 9% (10% FX-neutral) compared with the prior year period. Adjusted EBITDA of $14.8 million (above the high-end of guidance),
- Pursuant to the Exchange and Subscription Agreements, Groupon will: exchange $176,260,000 aggregate principal amount of 2026 Notes held by the participating existing holders for $176,260,000 aggregate principal amount of Groupon's newly issued 6.25% Convertible Senior Secured Notes due 2027 (the "2027 Notes"); issue and sell to certain participating existing holders $21.0 million aggregate principal amount of 2027 Notes for gross cash proceeds of $20.0 million (representing an issue price of 95%). A total of $197,260,000 2027 Notes will be issued upon close of the transaction, which is expected to be on or about November 19, 2024.