Pandora Media amends credit agreement to upsize convertibles basket

By Marisa Wong

Morgantown, W.Va., Dec. 2 – Pandora Media, Inc. amended its credit agreement dated May 13, 2011 with JPMorgan Chase Bank, NA as administrative agent to increase the size of the permitted convertible note basket to $500 million from $300 million, according to an 8-K filing with the Securities and Exchange Commission.

The company announced on Wednesday that it plans to issue $300 million of convertible senior notes due 2020.

The amendment also amends the definition of permitted convertible notes to include notes that are convertible into cash, amends the definition of permitted call spread hedge agreements to include capped call options and permits distributions to repay permitted debt at maturity.

Pandora is an Oakland, Calif.-based music delivery platform.

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