Outbrain announces repurchase of remaining 2.95% Convertible Senior Notes due 2026
Outbrain Inc. (NASDAQ: OB) has repurchased the remaining $118 million of its 2.95% Convertible Senior Notes due 2026 from Baupost Group Securities, L.L.C. The company paid $109.7 million in cash, representing a 7.5% discount to par value. This transaction will result in a pre-tax gain of approximately $8.8 million in Q3 2024.
Following this repurchase, Outbrain has eliminated its entire $236 million principal balance of Convertible Notes, leaving no remaining debt on its balance sheet. The company now has approximately $128 million in cash, cash equivalents, and investments in marketable securities.
CFO Jason Kiviat stated that this move strengthens Outbrain's balance sheet and increases its net cash balance while maintaining ample liquidity for future growth, particularly in anticipation of the expected Teads acquisition closing.
Outbrain Inc. (NASDAQ: OB) ha riacquistato i rimanenti 118 milioni di dollari dei suoi Obbligazioni Convertibili Senior al 2,95% in scadenza nel 2026 dalla Baupost Group Securities, L.L.C. L'azienda ha pagato 109,7 milioni di dollari in contanti, che corrisponde a un sconto del 7,5% sul valore nominale. Questa transazione comporterà un guadagno ante imposte di circa 8,8 milioni di dollari nel terzo trimestre del 2024.
Dopo questo riacquisto, Outbrain ha eliminato l'intero saldo principale di 236 milioni di dollari delle Obbligazioni Convertibili, lasciando nessun debito residuo nel suo bilancio. L'azienda ha ora circa 128 milioni di dollari in contanti, equivalenti in contante e investimenti in titoli negoziabili.
Il CFO Jason Kiviat ha dichiarato che questa mossa rafforza il bilancio di Outbrain e aumenta il suo saldo di cassa netto, mantenendo nel contempo una liquidità adeguata per la crescita futura, in particolare in previsione della chiusura dell'acquisizione attesa di Teads.
Outbrain Inc. (NASDAQ: OB) ha recomprado los restantes 118 millones de dólares de sus Notas Senior Convertibles al 2,95% que vencen en 2026 a Baupost Group Securities, L.L.C. La empresa pagó 109,7 millones de dólares en efectivo, lo que representa un descuento del 7,5% sobre el valor nominal. Esta transacción resultará en una ganancia antes de impuestos de aproximadamente 8,8 millones de dólares en el tercer trimestre de 2024.
Tras esta recompra, Outbrain ha eliminado su saldo principal total de 236 millones de dólares de Notas Convertibles, dejando sin deuda restante en su balance. La empresa ahora tiene aproximadamente 128 millones de dólares en efectivo, equivalentes en efectivo e inversiones en valores negociables.
El CFO Jason Kiviat afirmó que este movimiento fortalece el balance de Outbrain y aumenta su saldo de efectivo neto, al tiempo que mantiene una liquidez suficiente para el crecimiento futuro, particularmente en anticipación del cierre esperado de la adquisición de Teads.
아웃브레인 Inc.(NASDAQ: OB)는 남은 1억 1,800만 달러를 재매입하였습니다 2026년 만기 2.95% 전환 시니어 노트를 Baupost Group Securities, L.L.C.로부터 매입했습니다. 회사는 현금으로 1억 970만 달러를 지급했습니다, 이는 액면가의 7.5% 할인에 해당합니다. 이 거래로 인해 2024년 3분기에 약 880만 달러의 세전 이익이 발생할 것입니다.
이 재매입 이후, 아웃브레인은 236백만 달러의 전환 노트 전액을 상환했습니다, 잔여 부채가 없습니다. 회사는 현재 약 1억 2,800만 달러의 현금, 현금 등가물 및 투자자산을 보유하고 있습니다.
CFO 제이슨 키비앳은 이번 조치가 아웃브레인의 재무 상태를 강화하고 순 현금 잔고를 증가시키며, 미래 성장에 충분한 유동성을 유지한다고 밝혔습니다. 특히 예상되는 테드 인수 종료를 앞두고 있습니다.
Outbrain Inc. (NASDAQ: OB) a racheté les 118 millions de dollars restants de ses Obligations Seniors Convertibles à 2,95% arrivant à échéance en 2026 auprès de Baupost Group Securities, L.L.C. L'entreprise a payé 109,7 millions de dollars en espèces, représentant un escompte de 7,5% sur la valeur nominale. Cette transaction entraînera un gain avant impôts d'environ 8,8 millions de dollars au troisième trimestre 2024.
À la suite de ce rachat, Outbrain a éliminé l'intégralité de son solde principal de 236 millions de dollars d'Obligations Convertibles, laissant aucune dette restante dans son bilan. L'entreprise dispose désormais de environ 128 millions de dollars en espèces, équivalents de trésorerie et investissements dans des valeurs négociables.
Le CFO Jason Kiviat a déclaré que cette démarche renforce le bilan d'Outbrain et augmente son solde net de trésorerie tout en maintenant une liquidité suffisante pour la croissance future, notamment en prévision de la conclusion de l'acquisition de Teads.
Outbrain Inc. (NASDAQ: OB) hat die verbleibenden 118 Millionen Dollar seiner 2,95% wandelbaren Senior-Anleihen, die 2026 fällig werden, von der Baupost Group Securities, L.L.C. zurückgekauft. Das Unternehmen zahlte 109,7 Millionen Dollar in bar, was einem Rabatt von 7,5% auf den Nennwert entspricht. Diese Transaktion wird in Q3 2024 zu einem Gewinn vor Steuern von ungefähr 8,8 Millionen Dollar führen.
Nach diesem Rückkauf hat Outbrain den gesamten Hauptsaldo von 236 Millionen Dollar an Wandelanleihen eliminiert und hat keine verbleibenden Schulden mehr in der Bilanz. Das Unternehmen hat nun ungefähr 128 Millionen Dollar in Bargeld, Baräquivalenten und Investitionen in handelbaren Wertpapieren.
CFO Jason Kiviat erklärte, dass dieser Schritt die Bilanz von Outbrain stärkt und den Nettobargeldbestand erhöht, während ausreichend Liquidität für zukünftiges Wachstum erhalten bleibt, insbesondere im Hinblick auf den bevorstehenden Abschluss der Teads-Akquisition.
- Repurchased remaining $118 million of Convertible Notes at a 7.5% discount
- Pre-tax gain of approximately $8.8 million in Q3 2024
- Eliminated entire $236 million principal balance of Convertible Notes
- No remaining debt on balance sheet
- Approximately $128 million in cash, cash equivalents, and investments available
- Strengthened balance sheet and increased net cash balance
- Cash outlay of $109.7 million for debt repurchase
NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Outbrain Inc. (NASDAQ: OB), a leading technology platform that drives business results by engaging people across the Open Internet, announced today that it has repurchased all of the remaining
Following the closing of the transaction, Outbrain has repurchased the entire principal balance of
“Our ability to generate cash and our strong balance sheet has enabled the opportunistic repurchase of the remaining balance of Convertible Notes, which is also in anticipation of the expected closing of the Teads acquisition. We believe this transaction strengthens our balance sheet, increasing our net cash balance as we maintain ample liquidity to support our future growth,” said Jason Kiviat, Outbrain's CFO.
This press release does not constitute an offer to sell or a solicitation to buy any of the Convertible Notes described herein or any securities of the Company, nor shall there be any offer, solicitation, or sale of the Convertible Notes or any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives and statements relating to the transaction to acquire Teads (“Transaction”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. 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Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.
About Outbrain
Outbrain (Nasdaq: OB) is a leading technology platform that drives business results by engaging people across the Open Internet. Outbrain predicts moments of engagement to drive measurable outcomes for advertisers and publishers using AI and machine learning across more than 8,000 online properties globally. Founded in 2006, Outbrain is headquartered in New York with offices in Israel and across the United States, Europe, Asia-Pacific, and South America.
For more information, visit https://www.outbrain.com.
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FAQ
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