Dropbox, Inc. Announces Upsize and Pricing of $1.1 Billion Convertible Senior Notes Offering

Dropbox, Inc. Announces Upsize and Pricing of $1.1 Billion Convertible Senior Notes Offering

Dropbox, Inc. (“Dropbox”) (NASDAQ: DBX) today announced the pricing of $1.1 billion aggregate principal amount of convertible senior notes due 2031 (the “Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”). The aggregate principal amount of the offering was increased from the previously announced offering size of $1.0 billion. Dropbox also granted the initial purchasers of the Notes a 13-day option to purchase up to an additional $150.0 million aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to settle on November 12, 2026, subject to customary closing conditions, and is expected to result in approximately $1,082 million in net proceeds to Dropbox (or approximately $1,230 million if the initial purchasers exercise their option to purchase additional Notes in full) after deducting the initial purchasers’ discount and estimated offering expenses payable by Dropbox.