Sidley is advising Life360, Inc. in its upsized offering of US$275 million aggregate principal amount of 0.00% convertible senior notes due 2030 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The offering is expected to close on June 5, 2025, subject to market and other conditions. Life360 also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional US$45 million aggregate principal amount of notes. Life360 intends to use proceeds from the offering to fund the cost of entering into the capped call transactions. Life360 intends to use the remainder of the net proceeds from the offering for general corporate purposes, which may include acquisitions or strategic investments in complementary businesses, products, services, or technologies. If the initial purchasers exercise their option to purchase additional notes, then Life360 intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions.
The Sidley deal team is being led by Natalie Karam, Prabhat Mehta, and Robert Mandell (Capital Markets), and included Nick DeAngelis, Hannah Brown, and Jackson Drolet (Capital Markets); Martin Wellington and Carlton Fleming (Corporate Governance); Rachel Kleinberg and Jonathan Westreich (Tax); Carla Teodoro (Investment Funds); and Stephen McInerney (Privacy and Cybersecurity).
