Chegg, Inc.’s $345 Million Convertible Senior Notes Offering


Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A offering by Chegg, Inc. of $345 million aggregate principal amount of its 0.25% convertible senior notes due 2023, including $45 million aggregate principal amount of convertible senior notes pursuant to the exercise of the initial purchasers’ option to purchase additional securities.

Morgan Stanley & Co. LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as as representatives of the Initial Purchaser.

In addition, Davis Polk advised counterparties to capped call transactions in connection with the offering.

Based in Santa Clara, California, Chegg’s connected learning platform helps students learn more in less time and at a lower cost. Chegg supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class and save money on required materials.

The Davis Polk corporate team included partner Sarah K. Solum (Picture) and associates Emily Roberts, Tiffany Meyer and Ali DeGolia. The derivatives team included partner John M. Brandow, counsel Justin Michael and Barry J. Gewolb and associates Jeffrey H. Smith and Divon Rathgeber.

Involved fees earner: Sarah K. Solum – Davis Polk & Wardwell; Emily Roberts – Davis Polk & Wardwell; Tiffany Meyer – Davis Polk & Wardwell; Ali DeGolia – Davis Polk & Wardwell; John Brandow – Davis Polk & Wardwell; Justin Michael – Davis Polk & Wardwell; Barry Gewolb – Davis Polk & Wardwell; Jeffrey Smith – Davis Polk & Wardwell; Divon Rathgeber – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley;

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Author: Ambrogio Visconti