Zip to redeem outstanding 5% senior convertible notes due 2028

By Mary-Katherine Stinson

Lexington, Ky., May 2 – Zip Co. Ltd. will exercise its option to redeem its 5% senior convertible notes due April 23, 2028 (ISIN: XS2330529905), according to multiple notices.

The company will redeem all the outstanding notes on June 4 at the early redemption price of $518.47, which is equivalent to 103.694. Accrued interest will also be paid.

Noteholders may exercise conversion rights until May 20, which is 10 business days before the redemption date. The conversion price is 0.517 per note.

The closing price as of the latest practicable date prior to the notice is $1.26 per share.

As of May 2, the total principal amount of the outstanding notes is $2.08 million, representing 1.51% or less of the notes.

Bank of New York Mellon, London Branch is the notes’ trustee.

Zip is a digital retail finance and payments company. The fintech company is based in Sydney, Australia.

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