SAN JOSE, Calif., March 4, 2020 /PRNewswire/
-- eBay Inc. (Nasdaq: EBAY) today announced the pricing of a
$1 billion underwritten public
offering of its senior unsecured notes, consisting of $500 million of 1.900% Notes due 2025 (the "2025
Notes") and $500 million of 2.700%
Notes due 2030 (the "2030 Notes"). The public offering price of the
2025 Notes is 99.782% of the principal amount and the public
offering price of the 2030 Notes is 99.843% of the principal
amount, in each case plus accrued interest, if any. The offering is
expected to close on March 11, 2020,
subject to customary closing conditions.
eBay intends to use all or a substantial portion of the net
proceeds from the offering to repay all of its outstanding 2.150%
Notes due 2020 and 3.250% Notes due 2020, with any remaining
net proceeds to be used for general corporate purposes, which may
include capital expenditures, share repurchases, repayment of other
indebtedness and possible acquisitions.
The offering is being made through an
underwriting syndicate led by BofA Securities, Inc.,
Credit Suisse Securities (USA)
LLC, Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and
J.P. Morgan Securities LLC, as joint book-running managers, and BNP
Paribas Securities Corp., Citigroup Global Markets Inc., Goldman
Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, MUFG
Securities Americas Inc., RBC Capital Markets, LLC and Standard
Chartered Bank, as co-managers. Copies of the
prospectus supplement and prospectus related to
the offering may be obtained by contacting BofA
Securities, Inc., 200 North College Street, NC1-004-03-43,
Charlotte, NC 28255-0001,
Attention: Prospectus Department, by telephone at 1-800-294-1322 or
by emailing dg.prospectus_requests@bofa.com; Credit Suisse
Securities (USA) LLC, Eleven
Madison Avenue, 3rd floor, New York,
NY 10010, Attention: Prospectus Department, by telephone at
1-800-221-1037 or by emailing usa.prospectus@credit-suisse.com or
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attention:
WFS Customer Service, by telephone at 1-800-645-3751 or by
emailing wfscustomerservice@wellsfargo.com.
The offering is being made pursuant to an effective shelf
registration statement under the Securities Act of 1933, as
amended, and these securities are only being offered by means of
the prospectus supplement and prospectus related to the offering,
which have been or will be filed with the Securities and Exchange
Commission. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
offer or sale of these securities, in any state or other
jurisdiction where, or to any person to whom, the offer,
solicitation or sale of these securities would be unlawful prior to
the registration or qualification under the securities laws of any
such state or other jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements relating
to, among other things, the future performance of eBay Inc. and its
consolidated subsidiaries (collectively, the "company") that are
based on the company's current expectations, forecasts and
assumptions and involve risks and uncertainties. These statements
include, but are not limited to, statements regarding the planned
closing of and expected use of proceeds from the Company's senior
unsecured notes offering as described above. Actual results could
differ materially from those predicted or implied and reported
results should not be considered as an indication of future
performance. Factors that could cause or contribute to such
differences include, but are not limited to: changes in political,
business and economic conditions, any regional or general economic
downturn or crisis and any conditions that affect ecommerce growth
or cross-border trade; the company's ability to realize growth
opportunities in payments intermediation and advertising; the
outcome of the strategic portfolio reviews; fluctuations in foreign
currency exchange rates; the company's need to successfully react
to the increasing importance of mobile commerce and the increasing
social aspect of commerce; an increasingly competitive environment
for its business; changes to the company's capital allocation,
including the timing, declaration, amount and payment of any future
dividends or levels of the company's share repurchases, or
management of operating cash; the company's ability to increase
operating efficiency to drive margin improvements and enable
reinvestments; the company's ability to manage its indebtedness,
including managing exposure to interest rates and maintaining its
credit ratings; the company's need to manage an increasingly large
enterprise with a broad range of businesses of varying degrees of
maturity and in many different geographies; the ability to
successfully intermediate payments on the company's marketplace
platform; the company's need and ability to manage regulatory, tax,
data security and litigation risks; the company's ability to timely
upgrade and develop its technology systems, infrastructure and
customer service capabilities at reasonable cost while maintaining
site stability and performance and adding new products and
features; and the company's ability to integrate, manage and grow
businesses that have been acquired or may be acquired in the
future.
More information about factors that could adversely affect the
company's operating results and the market value of the notes
referenced above is included under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the company's most recent Annual Report
on Form 10-K, a copy of which may be obtained by visiting the
company's Investor Relations website at
https://investors.ebayinc.com or the SEC's website at
www.sec.gov, and under the caption "Risk Factors" in the prospectus
supplement and prospectus related to the offering.
Undue reliance should not be placed on the forward-looking statements in this
press release, which are based
on information available to the
company on the date hereof. The company assumes
no obligation to update such statements. The
information contained in, or that can be accessed through, the
company's websites (including, without limitation, the Investor
Relations website mentioned in this paragraph) is not part of or
incorporated by reference into this press release. Any references
to the company's websites are intended to be inactive textual
references only.
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SOURCE eBay Inc.