This Amendment No. 1 (this “Amendment”) amends and supplements the Issuer Tender Offer Statement on Schedule TO originally filed by Visa Inc., a Delaware corporation (“Visa”), on April 8, 2024 (the “Schedule TO”). This Amendment relates to the offer by Visa to exchange (the “Exchange Offer”) any and all outstanding shares of its Class B-1 common stock, par value $0.0001 per share (“Class B-1 common stock”), for a combination of Visa’s Class B-2 common stock, par value $0.0001 per share (“Class B-2 common stock”), Visa’s Class C common stock, par value $0.0001 per share (“Class C common stock”), and, where applicable, cash in lieu of fractional shares, upon the terms and subject to the conditions set forth in the Prospectus, dated April 8, 2024 (the “Prospectus”) forming part of the Registration Statement (as defined below) and the Letter of Election and Transmittal (the “Letter of Transmittal”), copies of which were filed as Exhibits (a)(4) and (a)(1)(A) to the Schedule TO, respectively.
In connection with the Exchange Offer, Visa has filed with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, a registration statement on Form S-4 (Registration No. 333-276747) (as amended through the date hereof, the “Registration Statement”) to register the shares of Class B-2 common stock and Class C common stock offered in exchange for shares of Class B-1 common stock tendered in the Exchange Offer, as well as the shares of Class A common stock, par value $0.0001 per share (“Class A common stock”), into which the shares of Class B-2 common stock and Class C common stock are convertible.
As permitted by General Instruction F to Schedule TO, the information set forth in the Prospectus, the Letter of Transmittal, the Makewhole Agreement and the EQ Instruction Letter, copies of which were filed as Exhibits (a)(4), (a)(1)(A), (a)(1)(B) and (a)(1)(C) to the Schedule TO, respectively, is hereby expressly incorporated by reference in response to all the items of the Schedule TO. Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported on the Schedule TO.
Item 4. Terms of the Transaction.
(a) Material Terms.
Item 4(a) of the Schedule TO, which incorporates by reference the information contained in the Prospectus, is hereby amended and supplemented by adding the following thereto:
The Exchange Offer expired one minute after 11:59 p.m., New York City time, on May 3, 2024 (the “Expiration Date”).
According to the Equiniti Trust Company, LLC (the “Exchange Agent”), 240,677,470 shares of Class B-1 common stock were tendered and not withdrawn. On May 6, 2024, Visa gave notice of acceptance to the Exchange Agent with respect to all of the tendered shares of Class B-1 common stock. Accordingly, Visa will issue in exchange 120,338,683 shares of Class B-2 common stock and 47,759,832 shares of Class C common stock based on the Applicable Conversion Rate for the Class B-1 common stock and Class C common stock of 1.5875 shares of Class A common stock and 4 shares of Class A common stock, respectively, in effect as of the Expiration Date, in addition to paying cash in lieu of issuing fractional shares based on the reported closing Class A common stock price on the NYSE as of the Expiration Date of $268.49.
On May 6, 2024, Visa issued a press release announcing the expiration of the Exchange Offer, a copy of which is attached as Exhibit (a)(5)(B) hereto and is incorporated herein by reference.
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