Uber Technologies announced on Monday the launch of a $1.2 billion convertible bond issue maturing in 2028.

In a press release, the San Francisco-based company explains that the transaction is intended to repay a $1 billion bond issue bearing 7.5% interest and due to mature in 2025.

Uber specifies that it intends to reserve for subscribers an over-allotment option of up to $180 million.

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