Tuesday, March 16, 2021

Magnite Prices $350M Offering

Los Angeles-based Magnite, the sell-side advertising software developer which was previously known as Rubicon Project, says it has priced an offering of $350M in convertible senior notes. The company said the convertible note offering was made to qualified institutional buyers. The notes are due in 2026. Magnite offers up a sell-side advertising platform for desktop, mobile, audio, and other platforms. The company trades as MGNI on the Nasdaq. The company said it expects to receive approximately $340M in net proceeds after the offering, after deducting the initial purchasers' discount and estimated offering expenses payable by Magnite.