Opendoor Technologies’ $850 Million Convertible Senior Notes Offering

Latham & Watkins represented Opendoor, while Davis Polk advised the representatives of the initial purchasers in the offering.

Opendoor Technologies Inc. executed its offering of US$850 million aggregate principal amount of 0.25% convertible senior notes due 2026 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The offering size was increased from the previously announced offering size of US$750 million aggregate principal amount of notes.

Opendoor also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date when the notes are first issued, up to an additional US$127.5 million principal amount of notes.

The Initial Purchasers included Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Barclays Capital Inc., Wells Fargo Securities, LLC and TD Securities (USA) LLC.

Headquartered in San Francisco, Opendoor Technologies Inc is a leading digital platform for residential real estate.

Latham & Watkins LLP represented Opendoor in the offering with a capital markets team led by Washington, D.C. partners Rachel Sheridan (Picture) and Shagufa Hossain, with associates Christopher Bezeg and Jack Anderson, and special legal consultant Alexander González Castillo. Advice was provided on convertible debt matters by New York partners Greg Rodgers and Reza Mojtabaee-Zamani and Los Angeles partner Arash Aminian Baghai, with associates Jack Neff and Kate Kim; and on tax matters by New York partners Elena Romanova and Bora Bozkurt, with associate Michael Syku.

The Davis Polk corporate team included partner Emily Roberts and associates Benson Richards and Ganiatu Afolabi. The equity derivatives team included partner Mark J. DiFiore, counsel Justin Michael and associates Gregory Edgar Marchesini, Lindsey B. Meyers-Perez and Danielle Forni. Partner Po Sit and associate Ben Levenback provided tax advice.

Involved fees earner: Ganiatu Afolabi – Davis Polk & Wardwell; Mark DiFiore – Davis Polk & Wardwell; Danielle Forni – Davis Polk & Wardwell; Ben Levenback – Davis Polk & Wardwell; Lindsey Meyers-Perez – Davis Polk & Wardwell; Justin Michael – Davis Polk & Wardwell; Benson Richards – Davis Polk & Wardwell; Emily Roberts – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Arash Aminian Baghai – Latham & Watkins; Jeffrey Anderson – Latham & Watkins; Christopher Bezeg – Latham & Watkins; Bora Bozkurt – Latham & Watkins; Shagufa Hossain – Latham & Watkins; Katherine Kim – Latham & Watkins; Reza Mojtabaee-Zamani – Latham & Watkins; Jack Neff – Latham & Watkins; Gregory Rodgers – Latham & Watkins; Elena Romanova – Latham & Watkins; Rachel Sheridan – Latham & Watkins; Michael Syku – Latham & Watkins;

Law Firms: Davis Polk & Wardwell; Latham & Watkins;

Clients: Barclays Capital ; Citigroup Global Markets Ltd; Deutsche Bank Securities; Goldman Sachs & Co.; Morgan Stanley; OpenDoor Labs Inc.; TD Securities; Wells Fargo Securities;

Martina Bellini

Author: Martina Bellini