(RTTNews) - Wayfair Inc. (W), Tuesday announced that its subsidiary, Wayfair LLC, plans to offer $700 million in senior secured notes due 2032 in a private placement.
The proceeds will be used for general corporate purposes, such as debt repayment, and to repurchase a portion of the company's outstanding 3.25 percent convertible senior notes due in 2027 and 3.50 percent convertible senior notes due in 2028.
Wayfair and a few domestic subsidiaries will provide senior secured guarantees for the notes, which will be backed by the same assets that support its current secured notes and credit facility.
W is currently trading at $103.13, down $0.17 or 0.16 percent on the New York Stock Exchange.
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