Chegg, Inc.’s $700 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 $700 million aggregate principal amount of its 0.125% convertible senior notes due 2025.

Davis Polk also advised counterparties to capped call transactions in connection with the offering.

Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Allen & Company LLC., Barrington Research Associates, Inc. and Northland Securities, Inc. acted as initial purchasers on the deal.

Based in Santa Clara, California, Chegg is the leading direct-to-student learning platform. 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), counsel Jeffrey Gould and associate Ali DeGolia. The tax team included partner Rachel D. Kleinberg. Partner Pritesh P. Shah provided intellectual property and technology advice. The derivatives team included partner John M. Brandow, counsel Justin Michael and associates Joseph Luizzi, Divon Rathgeber and Brittany Taylor.

Involved fees earner: John Brandow – Davis Polk & Wardwell; Ali DeGolia – Davis Polk & Wardwell; Jeffrey Gould – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Joseph Luizzi – Davis Polk & Wardwell; Justin Michael – Davis Polk & Wardwell; Divon Rathgeber – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Sarah K. Solum – Davis Polk & Wardwell; Brittany Taylor – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Allen & Company LLC; Barrington Research Associates; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley; Northland Securities, Inc.;

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Author: Ambrogio Visconti