Latham & Watkins Advises Opendoor Technologies Inc. on Upsized US$850 Million Convertible Senior Notes Offering

Opendoor Technologies Inc., a leading digital platform for residential real estate, has announced the pricing of its offering of US$850 million aggregate principal amount of 0.25% convertible senior notes due 2026 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The offering size was increased from the previously announced offering size of US$750 million aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on August 20, 2021, subject to customary closing conditions. Opendoor also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date when the notes are first issued, up to an additional US$127.5 million principal amount of notes.

Latham & Watkins LLP represents Opendoor in the offering with a capital markets team led by Washington, D.C. partners Rachel Sheridan and Shagufa Hossain, with associates Christopher Bezeg and Jack Anderson, and special legal consultant Alexander González Castillo. Advice was provided on convertible debt matters by New York partners Greg Rodgers and Reza Mojtabaee-Zamani and Los Angeles partner Arash Aminian Baghai, with associates Jack Neff and Kate Kim; and on tax matters by New York partners Elena Romanova and Bora Bozkurt, with associate Michael Syku.