The holders of the 6% secured notes in Bloom Bloomdoggle will make out like bandits in the IPO.
Page 56 of the revised S1 shows that:
27,656,148 shares of our Class B
common stock issuable upon the conversion of our outstanding 6% Notes as of
March 31, 2018, based on an assumed initial public offering price of
$14.00 per share of Class A common stock, which is the midpoint of
the price range set forth on the cover page of this prospectus, which notes
will be convertible at the option of the holders thereof following the
completion of this offering;
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There are $245,039,000 of 6% notes. This means the six percenters will be able to get stock at $8.86 a share if the IPO is at $14. This is a 36% discount to the IPO price. The lower the IPO price the more the six percenters make out. These 27,656,148 were not included in the total number of outstanding shares in the table in the revised S1.
I will try find out who the six percenters are. I am pretty certain Kleiner Perkins and NEA hold some of the 6% notes.
Update
I founds out that Kleiner, NEA, Credit Suisse and the Canadian pension Plan own the 6% notes.
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