Pinterest announced it has entered into an investment agreement with Elliott Management for the private placement of $1 billion in convertible senior notes. Concurrently, the company's Board approved a new $3.5 billion share repurchase program, under which it will immediately commence a $1 billion accelerated share repurchase (ASR).
Key Details
- Convertible Note Sale: Pinterest will issue $1 billion of 1.75% Convertible Senior Notes due 2031 to affiliates of Elliott. The notes have an initial conversion price of approximately $22.72 per share.
- Share Repurchase: The Board authorized a new $3.5 billion share buyback program. A $1 billion Accelerated Share Repurchase (ASR) with Goldman Sachs is set to commence on March 5, 2026, with final settlement expected by May 1, 2026.
- Governance Agreement: As part of the investment, Elliott designee Marc Steinberg will continue to serve on Pinterest's Board of Directors and will be included in the company's slate of nominees for the 2026 annual meeting.