Uber upsizes two-part private placement to $2 billion, firms talk at initial guidance

By Paul A. Harris

Portland, Ore., Oct. 16 – Uber Technologies Inc. upsized its two-part private placement deal to $2 billion from $1.5 billion, according to a market source.

Meanwhile, price talk was finalized in line with initial guidance.

The deal includes a $500 million tranche of five-year notes, which come with two years of call protection and are talked in the 7˝% area, and an upsized $1.5 billion tranche of eight-year notes with three years of call protection and talk in the 8% area. The eight-year notes tranche is upsized from $1 billion.

The notes could price on Thursday but are not expected to immediately clear for trading, a bond trader said.

Morgan Stanley & Co. LLC is the placement agent.

Uber’s novel execution, in which it has endeavored to circle up a limited number of accounts, has been undertaken with an eye to limiting the proliferation of the San Francisco-based ride-sharing company’s financial information, sources say.

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