Uber Technologies Inc. UBER said Monday it is planning to offer $1.2 billion of five-year convertible bonds. The ride-sharing company said it would use part of the proceeds to cover the cost of entering into capped call transactions that aim to reduce dilution upon conversion into equity. The rest will be used to repay, redeem or repurchase outstanding debt, including $1 billion of 7.500% notes that mature in 2025. Uber’s stock was down 1.7% premarket but has gained 120% in the year to date, while the S&P 500 SPX has gained 17.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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