Outbrain announces partial repurchase of 2.95% convertible senior notes

Outbrain has repurchased $118 million in aggregate principal amount of the 2.95% Convertible Senior Notes due 2026 via a privately negotiated repurchase agreement with Baupost Group Securities, L.L.C., the sole holder of the Convertible Notes. The Company paid, including accrued interest, approximately $96 million in cash representing a 19% discount to par value. As a result, Outbrain will record a pre-tax gain of approximately $22 million in the second quarter of 2023. Following the closing of the repurchase, approximately $118 million principal amount of the Convertible Notes out of the initially issued principal balance of $236 million, will remain outstanding and continue to be subject to the terms of the indenture dated as of July 27, 2021 pursuant to which they were issued.