fuboTV Announces Proposed Offering of $350 Million of Convertible Senior Notes Due 2026
January 28 2021 - 07:00AM
Business Wire
fuboTV Inc. (“fuboTV”) (NYSE: FUBO), the leading sports-first
live TV streaming platform, today announced that it intends to
offer $350 million aggregate principal amount of its convertible
senior notes due 2026 (the “notes”) in a private offering to
persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”). The offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering. fuboTV also intends to grant the initial purchaser of the
notes a 13-day option to purchase up to an additional $52.5 million
aggregate principal amount of notes.
The notes will be general unsecured obligations of fuboTV and
will accrue interest payable semiannually in arrears. The notes
will be convertible under certain circumstances into cash, shares
of fuboTV’s common stock or a combination of cash and shares of
fuboTV’s common stock, at fuboTV’s election. The interest rate,
initial conversion rate and other terms of the notes will be
determined at the time of pricing of the offering.
fuboTV intends to use the net proceeds from the offering for
general corporate purposes, including working capital, business
development, sales and marketing activities, capital expenditures,
repayment of outstanding debt, potential acquisitions and strategic
transactions. However, it has not designated any specific uses and
has no current agreements with respect to any material acquisition
or strategic transaction.
The notes will be offered to persons reasonably believed to be
qualified institutional buyers pursuant to Rule 144A under the
Securities Act. Neither the notes, nor any shares of fuboTV’s
common stock issuable upon conversion of the notes, have been
registered under the Securities Act or any state securities laws,
and unless so registered, may not be offered or sold in the United
States absent registration or an applicable exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and other applicable securities laws.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities, nor shall it
constitute an offer, solicitation or sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
About fuboTV
fuboTV (NYSE: FUBO) is the leading sports-first live TV
streaming platform offering subscribers access to tens of thousands
of live sporting events annually as well as leading news and
entertainment content. With fuboTV, subscribers can stream a broad
mix of 100+ live TV channels, including 42 of the top 50
Nielsen-ranked networks across sports, news and entertainment -
more than any other live TV streaming platform. Continually
innovating to give subscribers a premium viewing experience they
can’t find with cable TV, fuboTV is regularly first-to-market with
new product features and was the first virtual MVPD to stream in
4K. fuboTV was also the first U.S. virtual MVPD to enter Europe
with the 2018 launch of fuboTV España. fuboTV launched fubo Sports
Network, the live, free-to-consumer TV network featuring live
sports and award-winning original programming, in 2019.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements generally relate to future
events. In some cases, you can identify forward looking statements
because they contain words such as “may,” “will,” “should,”
“expects,” “plans,” “anticipates,” “going to,” “could,” “intends,”
“target,” “projects,” “contemplates,” “believes,” “estimates,”
“predicts,” “potential” or “continue” or the negative of these
words or other similar terms or expressions that concern fuboTV’s
expectations, strategy, priorities, plans or intentions.
Forward-looking statements in this release include, but are not
limited to, statements concerning the proposed terms of the notes
and repurchase, redemption or early conversion of the notes,
exercise of the initial purchaser’s option to purchase additional
notes, and the anticipated use of proceeds from the offering.
fuboTV’s expectations and beliefs regarding these matters may
not materialize, and actual results in future periods are subject
to risks and uncertainties that could cause actual results to
differ materially from those projected. The forward-looking
statements contained in this release are also subject to other
risks and uncertainties, including those more fully described in
fuboTV’s filings with the Securities and Exchange Commission. The
forward-looking statements in this release are based on information
available to fuboTV as of the date hereof, and fuboTV disclaims any
obligation to update any forward-looking statements, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210128005570/en/
Investors: The Blueshirt Group for fuboTV ir@fubo.tv
Media: Jennifer L. Press, fuboTV jpress@fubo.tv
Katie Minogue, fuboTV kminogue@fubo.tv
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