CHICAGO, June 6, 2019 /PRNewswire/ -- Grubhub Inc. (NYSE:GRUB) ("Grubhub"), the nation's leading online and mobile food-ordering and delivery marketplace, today announced that its wholly-owned subsidiary, Grubhub Holdings Inc. ("Grubhub Holdings"), has priced an offering of $500 million aggregate principal amount of new 5.500% senior notes due 2027 (the "notes") in a private offering. The sale of the notes is expected to be completed on or about June 10, 2019, subject to customary closing conditions. The notes will be senior unsecured obligations of Grubhub Holdings and will be guaranteed by Grubhub and each of its domestic subsidiaries that serve as guarantors under Grubhub's credit facility.
Grubhub intends to use the net proceeds from the offering primarily to repay the approximately $340 million of outstanding borrowings under its existing secured credit facility.
The notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), or outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes and related guarantees. Any offers of the notes and related guarantees are being made only by means of a private offering memorandum. The notes and related guarantees have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
Grubhub (NYSE: GRUB) is the nation's leading online and mobile food-ordering and delivery marketplace with the largest and most comprehensive network of restaurant partners, as well as the largest diner base. Dedicated to connecting diners with the food they love from their favorite local restaurants, Grubhub strives to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 115,000 restaurant partners in over 2,200 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, LevelUp, Tapingo, AllMenus and MenuPages.
This press release contains "forward-looking statements," which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements, such as those regarding the closing of the notes offering, involve substantial known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from any future results expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the closing of the notes offering as well as the other risks and uncertainties set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled "Risk Factors" in our Annual Report on Form 10-K filed on February 28, 2019, which is on file with the SEC. Please also note that forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. Except as required by law, we disclaim any intention to, and undertake no obligation to, publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.