The 0.75% convertible notes are due 2029

Davis Polk advised the representatives of the several initial purchasers in connection with a Rule 144A offering by Affirm Holdings, Inc. of an aggregate principal amount of $920 million of its 0.75% convertible senior notes due 2029, which included $120 million principal amount of notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. Affirm intends to use the proceeds from the convertible senior notes offering to repurchase a portion of its outstanding 0% convertible senior notes due 2026 and repurchase shares of its Class A common stock.

Affirm is building the next generation payment network. Affirm believes that by using modern technology, strong engineering talent, and a mission-driven approach, Affirm can reinvent payments and commerce. Affirm’s solutions, which are built on trust and transparency, are designed to make it easier for consumers to spend responsibly and with confidence, easier for merchants and commerce platforms to convert sales and grow, and easier for commerce to thrive.

The Davis Polk corporate team included partner Emily Roberts and associates Bex Childress, Rebecca Lei and Matthew Marion. The equity derivatives team included partner Mark J. DiFiore and associate Lindsey B. Meyers-Perez. The tax team included counsel Yixuan Long. Partner David L. Portilla and associates Kendall Howell and Eric Wall provided financial institutions advice. Members of the Davis Polk team are based in the Northern California, New York and Washington DC offices.

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