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Pinterest Secures $1 Billion From Elliott and Starts $1 Billion ASR to Boost Capital Return
- Pinterest raises $1 billion via convertible notes sold to Elliott, due 2031, to bolster liquidity and potential shareholder returns.
- The notes are initially convertible at $22.72 per share and are expected to close by March 5, 2026.
- Pinterest launches a $1 billion accelerated share repurchase with Goldman Sachs, delivering about 80% upfront.
- The combined actions are under a new $3.5 billion authorization to optimize Pinterest's capital structure.
- The moves aim to optimize Pinterest's capitalization and increase liquidity for shareholder returns.
- Pinterest expects the notes to close around March 5, 2026, signaling near-term funding certainty.
- The ASR is part of a broader program, with final settlement based on average VWAPs by May 1, 2026.
- The actions are designed to boost liquidity to support shareholder returns.
- Elliott and Goldman Sachs are the counterparties involved in the notes and ASR.
- Pinterest is pursuing capital actions while preserving flexibility for future shareholder returns.
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