$DBX (DROPBOX) — 8-K: Dropbox plans $1.0 billion convertible notes offering due 2031

Dropbox intends to offer $1.0 billion aggregate principal amount of convertible senior notes due 2031, with a 13-day option for initial purchasers to buy up to an additional $150.0 million. Proceeds will fund convertible note hedge transactions, repurchase approximately $175.0 million of Class A common stock from institutional investors, and repay at least $750.0 million of outstanding term loan borrowings. The interest rate, conversion rate, and other terms will be determined at pricing.

Dropbox intends to offer $1.0 billion aggregate principal amount of convertible senior notes due 2031, with a 13-day option for initial purchasers to buy up to an additional $150.0 million. Proceeds w