https://www.businesswire.com/news/home/20180524006500/en/

OAKLAND, Calif.--(BUSINESS WIRE)--May 24, 2018--Pandora (NYSE: P) today announced that in accordance with its previously announced agreements with certain holders of its existing 1.75% senior convertible notes due 2020 (the “2020 Notes”) to exchange an aggregate of approximately $192.9 million principal amount of 2020 Notes for a new series of 1.75% senior convertible notes due 2023 (the “New Notes”), as described more fully below (the “Exchange”), the conversion rate for the New Notes has been set at 104.4768 shares of common stock per $1,000 note, which is equivalent to an initial conversion price of approximately $9.57 per share of common stock (subject to adjustment upon the occurrence of certain events). The Exchange is being undertaken to extend the maturity of a portion of the 2020 Notes. After completion of the Exchange, $152.1 million aggregate principal amount of 2020 Notes will remain outstanding, and $192.9 million aggregate principal amount of New Notes will be outstanding.

Pandora has entered into privately negotiated agreements with a limited number of holders of 2020 Notes to exchange an aggregate of approximately $192.9 million principal amount of 2020 Notes for an equal principal amount of New Notes. The Exchange is expected to close on or about June 1, 2018, subject to customary closing conditions.