Our Clients

Transaction and Process Overview

S&P 500 Index Add

• It was announced on 04-Jun that Twitter was joining the S&P 500, effective 07-Jun
• The company launched an equity-linked deal on 06-Jun, to take advantage of demand from index investors that day
• This is the second index add convertible ever executed

Convertible Execution Process

• Matthews South led the structuring, documentation and overall preparation process on an expedited timeframe prior to launch

Designed Call Spread Bid Process to Optimize Terms

• Recommended adding financial institutions that have displayed aggressiveness in other bid situations
• Call spread document included novel features that gave the company additional protection and transparency

Day of Marketing

• Matthews South advised the company throughout the day of execution to help ensure that the security was priced optimally
• Conversion premium achieved (42.5%) was one of the highest for a technology company in the past few years

Significant Cost Reduction

• The call spread pricing achieved was significantly tighter than any of the terms seen prior to launch
• Helped company achieve a significantly lower gross spread than prior 2014 deal

Additional Deals for Twitter:

• March 2021: $1.25bn Convertible