We advised the placement agent and counterparties on the transactions

Davis Polk advised the placement agent in privately negotiated subscription transactions pursuant to which Opendoor Technologies Inc. issued $650 million aggregate principal amount of 0.00% convertible senior notes due 2030 for cash. In addition, Davis Polk advised the counterparties to the capped call transactions entered into in connection with the offering. Opendoor used approximately $158 million of the net proceeds to repurchase shares of its common stock and JWCA purchased approximately $25 million of Opendoor’s common stock.

Opendoor is a leading e-commerce platform for residential real estate transactions.

The Davis Polk capital markets team included partner Emily Roberts and associates Karen Yang and Simon Luu. The equity derivatives team included partner Mark J. DiFiore, counsel Richard Stockton Bullitt and associates Danielle Forni, Chanique C. Vassell and Zifeng Zeng. Partner Aliza Slansky provided tax advice. Members of the Davis Polk team are based in the Northern California, New York and London offices.

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