: Upwork expects to spend less than $160 million to buy back nearly $200 million principal amount of convertible debt

Shares of Upwork Inc. UPWK rose 1.2% in premarket trading Wednesday, after the company that connects freelancers with clients who need work performed said it would buy back a little more than one-third of its 0.25% convertible debt due 2026 outstanding. The company estimates that it will spend about $157 million in cash to repurchase $196.8 million aggregate principal amount of the debt. The repurchases are expected to close on or about March 27, leaving about $378.2 million principal amount of the notes outstanding. The stock has gained 2.2% year to date through Tuesday but has tumbled 54.0% over the past 12 months, while the S&P 500 SPX has lost 11.3% the past year.

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