Uber Term Sheet Leaked – Reveals $470m in Operating Losses

An Uber term sheet was leaked to Bloomberg News yesterday.  The document, which is being used to sell $1bn – $1.2bn in convertible bonds, reveals that the company generated $470m in operating losses on $415m in revenue.  The term sheet also states 300% year-over-year growth.  An Uber spokeswoman claimed that the disclosed numbers are “substantially old [and] do not reflect business activities today.”

Last week it was reported that the deal is being led by Hillhouse Capital Management.  The leaked document shows that investors will be able to convert the notes at a compounded 11.5% discount if the company sells shares on the public market. The bonds mature in 2022, with an 8% annual return if held through maturity. Uber reportedly aims to complete the deal by June 30, 2015.

Uber is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.