BigCommerce Announces Exchange of a Portion of its Existing 0.25% Convertible Senior Notes due 2026 for New 7.5% Convertible Senior Notes due 2028 and Repurchases of a Portion of its Existing 0.25% Convertible Senior Notes due 2026
AUSTIN, Texas, Aug. 01, 2024 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce” or the “Company”) (NASDAQ:BIGC) today announced that on July 31, 2024, it entered into a privately negotiated exchange agreement (the “Exchange Agreement”) with a holder of its 0.25% convertible senior notes due 2026 (the “Existing Convertible Notes”). Pursuant to the Exchange Agreement, BigCommerce will exchange (the “Exchange Transaction”) approximately $161.2 million in aggregate principal amount of the Existing Convertible Notes for $150.0 million in aggregate principal amount of new 7.5% convertible senior notes due 2028 (the “New Convertible Notes”) and approximately $0.1 million in cash, with such cash payment representing the accrued and unpaid interest on such Existing Convertible Notes. In addition, on July 31, 2024, BigCommerce has also entered into separate, privately negotiated repurchase agreements with a limited number of holders of its Existing Convertible Notes to repurchase (the “Repurchase Transactions” and collectively with the Exchange Transaction, the “Transactions”) approximately $120.6 million aggregate principal amount of the Existing Convertible Notes for aggregate cash consideration of approximately $108.7 million, including accrued but unpaid interest on such Existing Convertible Notes. The Exchange Transaction is expected to settle on or about August 7, 2024 and the Repurchase Transactions are expected to settle on or about August 8, 2024, subject, in each case, to customary closing conditions.