Pinterest, Inc. announced it has closed a $1 billion investment from Elliott Associates and Elliott International through the issuance of convertible senior notes. The transaction, which occurred on March 5, 2026, finalizes the investment agreement previously disclosed on March 3, 2026, and provides Pinterest with significant capital.
Key Details
- Investment: $1 billion aggregate principal amount of 1.75% Convertible Senior Notes due 2031.
- Investor: The notes were issued exclusively to Elliott Associates, L.P. and Elliott International, L.P.
- Conversion Terms: The notes have an initial conversion price of approximately $22.72 per share, corresponding to an initial conversion rate of 44.0063 shares of Class A common stock per $1,000 principal amount.
- Maturity & Interest: The notes will mature on March 1, 2031, and bear interest at 1.75% per annum, payable semi-annually beginning September 1, 2026.
- Company Redemption Option: Pinterest may redeem the notes for cash on or after March 5, 2029, subject to certain conditions, including its stock price trading at least 130% above the conversion price.