Chegg, Inc. $345 Million Convertible Senior Notes Offering

Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A offering by Chegg, Inc. of $345 million aggregate principal amount of its 0.25% convertible senior notes due 2023, including $45 million aggregate principal amount of convertible senior notes pursuant to the exercise of the initial purchasers’ option to purchase additional securities. In addition, Davis Polk advised counterparties to capped call transactions in connection with the offering.

Based in Santa Clara, California, Chegg’s connected learning platform helps students learn more in less time and at a lower cost. Chegg supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class and save money on required materials.

The Davis Polk corporate team included partner Sarah K. Solum and associates Emily Roberts, Tiffany Meyer and Ali DeGolia. The derivatives team included partner John M. Brandow, counsel Justin Michael and Barry J. Gewolb and associates Jeffrey H. Smith and Divon Rathgeber. Members of the Davis Polk team are based in the Northern California and New York offices.