Redfin Corporation filed SEC Form 8-K: Creation of a Direct Financial Obligation, Other Events
$RDFN
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 31, 2024
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Item 2.03 Creation of a Direct Financial Obligation or an Off-Balance Sheet Arrangement.
The disclosures set forth under the heading “Credit Facility Drawdown” in Item 8.01 below are hereby incorporated by reference into this Item 2.03.
Item 8.01 Other Events.
Credit Facility Drawdown
As previously reported, Redfin Corporation (NASDAQ: RDFN) has an existing $250 million first lien term loan facility (“the facility”). Redfin borrowed the first half of the facility on October 20, 2023, and the remaining $125 million was available as a delayed draw term loan.
On May 31, 2024, Redfin drew down the remaining $125 million of the facility. This delayed draw term loan has the same terms and conditions as our initial borrowings under the facility. A summary of the material terms of the facility is included in Note 15 of our financial statements contained in Item 1 of our Quarterly Report on Form 10-Q for the three months ended September 30, 2023, and is incorporated herein by reference. Redfin retains the ability to use proceeds from the facility to repurchase additional convertible notes in the open market or via privately negotiated transactions as well as the ability, should the need arise, to repay convertible notes at maturity, repay preferred equity, pay interest, pay fees and expenses, and for general corporate purposes.
2025 Convertible Note Repurchases
Between April 1, 2024 and May 31, 2024, Redfin repurchased approximately $69 million of its existing convertible notes due in 2025.
Exhibit Number | Description | ||||||||||
| 104 | Cover page interactive data file, submitted using inline XBRL | ||||||||||
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Redfin Corporation | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date: June 3, 2024 | /s/ Chris Nielsen | |||||||||||||
| Chris Nielsen Chief Financial Officer | ||||||||||||||