Latham & Watkins Represents DoorDash in Upsized US$2.5 Billion Convertible Senior Notes Offering

DoorDash, Inc. (NASDAQ: DASH), a leading local commerce platform globally, has announced the pricing of US$2.5 billion aggregate principal amount of 0% convertible senior notes due 2030 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the US Securities Act of 1933. The size of the offering was increased from the previously announced US$2 billion aggregate principal amount of notes. In connection with the offering of the notes, DoorDash granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional US$250 million aggregate principal amount of notes. The sale of the notes to the initial purchasers is expected to settle on May 30, 2025, subject to customary closing conditions.

Latham & Watkins LLP represents DoorDash in the offering with a Capital Markets team led by Washington, D.C./New York partner Jason Licht and Washington, D.C. partner Christopher Clark, with special legal consultant Conce Olivera and associates Gabrielle Blum, Brooke Padgett, Emily Marshall, and Claudia Dubay. Advice was also provided on equity derivatives matters by New York partner Reza Mojtabaee-Zamani, with associates Shawn Noh and Henry Lin; on tax matters by New York partners Bora Bozkurt and Aaron Bernstein and Bay Area partner Katharine Moir, with associates Michael Yu and Farrah Yan; and on corporate matters by Bay Area partner Mark Bekheit, with associate Shannon Cheng.