Item 8.01. Other Events.
Repurchase of 2022 Exchangeable Notes
On September 22, 2021, Match Group Inc. ("Match Group") announced that it
intends to repurchase 0.875% exchangeable senior notes due 2022 ("2022
Exchangeable Notes") issued by Match Group FinanceCo, Inc., a wholly owned
subsidiary of Match Group, pursuant to privately negotiated agreements with a
limited number of current holders of such 2022 Exchangeable Notes (the
"Exchangeable Notes Repurchase"). In connection with the Exchangeable Notes
Repurchase, an affiliate of Match Group expects to enter into agreements with
certain financial institutions to terminate corresponding portions of the
exchangeable note hedges acquired in connection with the issuance of the 2022
Exchangeable Notes; in addition, Match Group expects to enter into agreements to
terminate a portion of the warrant transactions Match Group previously entered
into with such financial institutions (collectively, the "Hedge and Warrant
Unwind Transactions"). In connection with the Hedge and Warrant Unwind
Transactions, the counterparties to certain of these transactions or their
respective affiliates may sell shares of Match Group's common stock in secondary
market transactions, or may unwind derivative transactions that may in turn
result in secondary market sales of the common stock, shortly after pricing of
the Registered Direct Offering and the Notes Offering (each as defined below).
Match Group expects to fund the Exchangeable Notes Repurchase with the net
proceeds from the Registered Direct Offering and the Hedge and Warrant Unwind
Transactions, together with a portion of the net proceeds from the Notes
Offering.
Registered Direct Offering
On September 22, 2021, Match Group announced that it intends to commence a
proposed registered direct offering (the "Registered Direct Offering") of shares
of its common stock.
Match Group intends to use the net proceeds of the Registered Direct Offering,
together with the net proceeds of the Hedge and Warrant Unwind Transactions and
a portion of the net proceeds of the Notes Offering, to repurchase 2022
Exchangeable Notes pursuant to privately negotiated agreements with a limited
number of current holders of such 2022 Exchangeable Notes.
The press release announcing the commencement of the Registered Direct Offering
is attached hereto as Exhibit 99.1 and incorporated by reference into this Item
8.01.
Notes Offering
On September 22, 2021, Match Group announced that its indirect wholly owned
subsidiary, Match Group Holdings II, LLC, ("Holdings II"), intends to commence a
proposed private unregistered offering (the "Notes Offering") of $500.0 million
aggregate principal amount of senior notes due 2031.
Holdings II intends to distribute a portion of the net proceeds of the Notes
Offering to Match Group for its use, together with the net proceeds of the
Registered Direct Offering and the Hedge and Warrant Unwind Transactions, to
repurchase 2022 Exchangeable Notes pursuant to privately negotiated agreements
with a limited number of current holders of such 2022 Exchangeable Notes.
Holdings II intends to use any remaining net proceeds of the Notes Offering for
general corporate purposes.
The press release announcing the commencement of the Notes Offering was issued
in accordance with Rule 135c under the Securities Act of 1933, as amended, and
is attached hereto as Exhibit 99.2 and incorporated by reference into this Item
8.01.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
99.1 Press Release dated September 22, 2021 announcing the Registered
Direct Offering
99.2 Press Release dated September 22, 2021 announcing the Notes Offering
104 Inline XBRL for the cover page of this Current Report on Form 8-K
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