Latham & Watkins Advises 2U, Inc. in Upsized US$330 Million Convertible Senior Notes Offering

2U, Inc., a global leader in education technology, has announced the pricing of US$330.0 million aggregate principal amount of 2.25% convertible senior notes due 2025 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 was upsized from the previously announced offering of US$300 million aggregate principal amount of notes. In connection with the offering, 2U granted the initial purchasers an option to purchase up to an additional US$50 million aggregate principal amount of notes. The sale is expected to close on April 23, 2020, subject to customary closing conditions.

Latham & Watkins LLP represented 2U, Inc. in the offering with a corporate team led by Washington, D.C. partner Brandon Bortner and associates Christopher Clark, Isabel Rivera and Kavita Satiya, with New York partner Reza Mojtabaee-Zamani and associates Polina Tulupova and Jack Neff. Advice was also provided on tax matters by New York partners Bora Bozkurt and Elena Romanova, with New York associate Ron Moore and Washington, D.C. associate Eli McCrain; on finance matters by Washington, D.C. partners Patrick Shannon, Katherine Putnam, with associate Samuel Rettew; on technology transaction matters by Washington, D.C. partner Jeremy Wolsk, with associate Morgan Brubaker; on benefits & compensation matters by Washington, D.C. partner Matthew Conway, with associate Kirk Porter; and on regulatory matters by Washington, D.C. counsel Annie E. S. Froehlich.