Cazoo Group Ltd (NYSE:CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces an update to the methodology for settlement of the exchange of $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) for a pro rata portion of (1) $200 million aggregate principal amount of 4.00%/2.00% cash/payment-in-kind toggle senior secured notes due 2027 (the “New Notes”) and (2) Class A ordinary shares of Cazoo, which will represent 92% of the total Class A ordinary shares outstanding immediately after giving effect to the exchange offer (the “Exchange Offer”).
In accordance with the Company’s updated methodology for settlement, each holder of Convertible Notes entitled to receive New Notes in a principal amount that is not a permitted denomination will receive a principal amount of the New Notes rounded to the nearest permitted denomination, rather than a principal amount of the New Notes rounded down to the nearest permitted denomination.
The New Notes will be issued in a minimum denomination of US$1,000 and integral multiples of US$1 in excess thereof. The settlement of the Exchange Offer is expected to occur on December 6, 2023.
