McGuireWoods Advises Investment Bank in RumbleOn’s Convertible Notes and Equity Offerings

May 28, 2019

McGuireWoods advised JMP Securities LLC as sole book-running manager and initial purchaser in RumbleOn Inc.’s recent Rule 144A private placement of $30 million of 6.75 percent senior convertible notes due in 2024 to qualified institutional buyers. The firm also represented JMP Securities as placement agent in RumbleOn’s concurrent $9.5 million private placement (PIPE) of Class B common stock to accredited investors.

RumbleOn, an e-commerce company, expects to use $11.1 million of the net proceeds from the offerings to refinance certain restricted indebtedness and the remainder for other general corporate purposes. National Securities Corp. and Craig-Hallum Capital Group LLC acted as the company’s financial advisors for the transactions.

Securities partners Stephen Older and Rakesh Gopalan led the McGuireWoods deal team, which also included associates David Wolpa and Ellison Johnstone. McGuireWoods has served as underwriters’ and placement agents’ counsel in numerous RumbleOn stock offerings, including a $14.1 million underwritten public offering of Class B common stock in July 2018, a $21.6 million private placement in October 2018 and a $7.1 million follow-on underwritten equity offering in February 2019. 

“These deals show that the firm is strongly positioned to assist clients, particularly banks, in underwritten public offerings, private placements and other complex securities transactions,” Older said.

McGuireWoods has earned global recognition for its representation of corporate issuers and underwriters in corporate and securities maters. The firm ranked among the leaders for advising corporate issuers and underwriters in U.S. capital markets transactions in the first three months of 2019, according to league tables published by Bloomberg and Refinitiv.