Wilson Sonsini, Davis Polk act on Twitter's $1.3bn debut debt market play
Wilson Sonsini Goodrich & Rosati and Davis Polk & Wardwell have taken the lead advisory roles on Twitter's $1.3bn convertible bond fundraising.
September 12, 2014 at 04:04 AM
2 minute read
Wilson Sonsini Goodrich & Rosati and Davis Polk & Wardwell have taken the lead advisory roles on Twitter's $1.3bn (£800m) convertible bond fundraising.
The bond, which is split into two $650m tranches maturing in five and seven years respectively, will be put towards acquisitions and expansions by Twitter. It marks its first foray into debt markets, adding to its pre-existing revolving credit line of $1bn with a Morgan Stanley affiliate.
Twitter is still not expected to turn a profit this year, with recent investments aimed at bolstering the company's advertising business and engineering the platform for broader appeal.
The Wilson Sonsini team advising Twitter on the debt offering was made up of five partners: Andrew Hirsch, Katharine Martin, Michael Occhiolini and Lisa Stimmell in the corporate team, with Eileen Marshall advising on tax issues.
Davis Polk is advising the underwriters, with a team led by corporate partner Alan Denenberg.
Both firms had a role on the microblogging site's $1.82bn IPO last year, with Denenberg leading again for Davis Polk.
Vijaya Gadde, a former Wilson Sonsini associate, took on the role of Twitter general counsel in September 2013.
Fenwick & West, which the microblog has regularly instructed on corporate matters in the past, is not involved in the latest fundraising.
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