MercadoLibre, Inc. (NASDAQ:MELI) shares are trading lower Thursday. The company announced a convertible note redemption.
What To Know: MercadoLibre will redeem all of its outstanding 2.00% Convertible Senior Notes due in 2028 on November 14. Holders of the notes may choose to convert their notes at any time before 5 p.m. (New York City time) on November 13. Each $1,000 principal amount of notes is convertible into 2.2952 shares of MercadoLibre common stock.
Martín de los Santos, CEO of MercadoLibre spoke on the announcement, stating, “Retirement of the remaining notes will save MercadoLibre approximately $44 million in interest expense that would have been payable had the notes remained outstanding to maturity.”
Related Link: What’s Going On With QuantaSing Group Stock?
MELI Price Action: Shares of MELI were down 2.46% at $1,293.65 at the time of publication, according to Benzinga Pro.
Image by Adrian from Pixabay
