February 26, 2021
Spotify Technology S.A. has announced that on February 25, 2021, its indirect subsidiary, Spotify USA Inc., priced its offering of US$1.3 billion aggregate principal amount of 0% exchangeable senior notes due 2026 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The notes will be fully and unconditionally guaranteed, on a senior, unsecured basis, by Spotify. The issuance and sale of the notes are scheduled to settle on March 2, 2021, subject to customary closing conditions. Spotify USA 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 the notes are first issued, up to an additional US$200 million principal amount of notes.
Latham & Watkins LLP represents Spotify in the offering with a capital markets team led by New York partners Greg Rodgers and Benjamin Cohen and Los Angeles counsel Arash Aminian Baghai, with associates Ryan Gold, Claire Solimine, Alexandria Plaia, Regan Devers, and Alexandra Kustra. Advice was also provided on tax matters by New York partners Jiyeon Lee-Lim and Elena Romanova, with associate Ron Moore.