Uber (UBER) announced that it intends to offer $1.0B principal amount of exchangeable senior notes due 2028 in a private placement to qualified institutional buyers. Initially, each unit of reference property will be comprised of one share of class A common stock of Aurora Innovation (AUR). The interest rate, initial exchange rate, repurchase rights, redemption rights and other terms of the notes will be determined at the time of pricing of the offering. Uber intends to use the net proceeds from the offering for general corporate purposes, which may include strategic investments, although Uber has not designated any specific uses at this time.
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