Fiverr to offer $400 million of convertible bonds due 2025

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Fiverr International Ltd. said Wednesday it is planning to offer $400 million in convertible bonds that mature in 2024. The company, which connects skilled freelancers with employers, plans to use some of the proceeds to cover the costs of capped call transactions that aim to limit dilution on conversion, and the rest for general corporate purposes. Companies have issued debt, convertible debt and equity at record levels during the pandemic. Companies have issued 91.5 billion of convertible debt in the year to date, according to Dealogic data, compared with the previous record of $71.1 million set in the same period in 2007. Fiverr shares were down 0.8% premarket, but have gained 587% in the year to date, while the S&P 500 has gained 4%.
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