Benzinga | Nov 16, 2021 10:03AM EST

Peloton Interactive Announces Pricing Of Public Offering Of ~23.91M Class A Common Stock

Peloton Interactive, Inc. ("Peloton") (NASDAQ:PTON) today announced the pricing of an underwritten public offering of 23,913,043 shares of its Class A common stock at a public offering price of $46 per share. All of the shares of Class A common stock are being offered by Peloton. Peloton has granted the underwriters a 30-day option to purchase up to an additional 3,260,869 shares of Class A common stock at the public offering price, less underwriting discounts, and commissions. The offering is expected to close on November 18, 2021, subject to the satisfaction of customary closing conditions. The net proceeds of the offering, after deducting underwriting discounts, and commissions and other offering expenses payable by Peloton, are expected to be approximately $1.07 billion (assuming no exercise of the underwriters' option to purchase additional shares). Peloton intends to use the net proceeds from the offering for general corporate purposes, which over time may include working capital, capital expenditures, including for the construction or expansion of facilities, and investments in and acquisitions of other companies, products, or technologies that Peloton may identify in the future.

Investors in the offering included entities affiliated with Durable Capital Partners LP and TCV, of which one of our directors is a co-founder and general partner, and funds and accounts advised by T. Rowe Price Associates, Inc.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint bookrunning managers and representatives for the underwriters in the offering of Class A common stock. Citigroup Global Markets Inc., BofA Securities and Barclays Capital Inc. are acting as co-managers in the offering.

A registration statement relating to the offering of Class A common stock has been filed with the Securities and Exchange Commission ("SEC") and became effective upon filing. This offering is being made only by means of a prospectus supplement and related prospectus, copies of which may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282-2198, Attention: Control Room, or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone at 866-803-9204, or by email at prospectus-eq_fi@jpmchase.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.