Peloton’s $1 Billion Convertible Senior Notes Offering

Latham & Watkins LLP represented the initial purchasers in the offering.

Peloton Interactive, Inc. (Peloton) (Nasdaq: PTON) has closed its offering of 0% convertible senior notes due 2026 for gross proceeds of US$1 billion, including the full exercise of the US$125 million option to purchase additional notes granted by Peloton to the initial purchasers. The notes were only sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933. 

The Initial Purchasers included J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Barclays Capital Inc., Canaccord Genuity LLC, Cowen and Company, LLC, JMP Securities LLC, KeyBanc Capital Markets Inc., Needham & Company, LLC, Oppenheimer & Co. Inc., Robert W. Baird & Co. Incorporated, Rosenblatt Securities Inc., Stifel, Nicolaus & Company, Incorporated, SVB Leerink LLC, Telsey Advisory Group LLC, Truist Securities, Inc., William Blair & Company, L.L.C., Academy Securities, Inc., R. Seelaus & Co., LLC and Siebert Williams Shank & Co., LLC.

Peloton is the largest interactive fitness platform in the world with a loyal community of more than 2.6 million Members. The company pioneered connected, technology-enabled fitness, and the streaming of immersive, instructor-led boutique classes for its Members anytime, anywhere. Peloton makes fitness entertaining, approachable, effective, and convenient, while fostering social connections that encourage its Members to be the best versions of themselves.

Latham & Watkins LLP represented the initial purchasers in the offering with a capital markets team led by New York partners Marc Jaffe (Picture), Ian Schuman, and Reza Mojtabaee-Zamani, with New York associates John Slater, Claire Solimine, James Dorian, Marc Langer, Shawn Noh, and Hera Liao. Advice was also provided on tax matters by New York partner Elena Romanova, with New York associate Michael Yu. 

Involved fees earner: James Dorian – Latham & Watkins; Marc Jaffe – Latham & Watkins; Marc Langer – Latham & Watkins; Reza Mojtabaee-Zamani – Latham & Watkins; Sang Hyun Noh – Latham & Watkins; Elena Romanova – Latham & Watkins; Ian Schuman – Latham & Watkins; John Slater – Latham & Watkins; Claire Solimine – Latham & Watkins; Michael Yu – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Academy Securities; Bank of America Securities; Barclays Capital ; Canaccord Genuity; Citigroup Global Markets Ltd; Cowen and Company; Goldman Sachs & Co.; J.P. Morgan Securities LLC; JMP Securities LLC; KeyBanc Capital Markets; Needham & Company; Oppenheimer & Co; R. Seelaus & Co.; Robert W. Baird & Co.; Rosenblatt Securities; Siebert Williams Shank & Co. LLC; Stifel, Nicolaus & Company, Incorporated; SVB Leerink LLC; Telsey Advisory Group LLC; Truist Securities Inc. ; William Blair & Company, L.L.C.;

Author: Martina Bellini