Pinterest, Inc. closed an investment agreement with Elliott Associates, L.P. and Elliott International, L.P. on March 5, 2026, issuing $1 billion aggregate principal amount of 1.75% Convertible Senior Notes due 2031. The notes were issued under an indenture with U.S. Bank Trust Company, National Association as trustee, in reliance on the Section 4(a)(2) exemption.
Key takeaways
Issued $1 billion 1.75% Convertible Senior Notes due March 1, 2031 to Elliott
Investment agreement entered March 3, 2026; closing and issuance on March 5, 2026
Initial conversion rate of 44.0063 shares of Class A common stock per $1,000 principal (approx. $22.72 conversion price)
Interest payable semi-annually on March 1 and September 1, commencing September 1, 2026
Convertible under specific stock price, redemption, corporate event, or trading price conditions
Indenture filed as Exhibit 4.1 with U.S. Bank Trust Company, National Association as trustee