Upwork, the freelancer marketplace targeted at creatives, is planning to offer $500 million of convertible senior notes in a private placement.

Initial purchasers will also have the option to purchase up to an extra $75 million of notes.

The sale, which is due to close on August 10, is forecasted to bring the U.S.-based company around $487 million in net proceeds after discounts, commissions and expenses are deducted (if no additional notes are purchased).

The majority of the funds will be used for “general corporate purposes,” including marketing, brand awareness and sales, as well as potential investments and acquisitions.

The notes will mature in August 2026.

Upwork describes itself as “the world’s largest work marketplace”, as measured by gross services volume. Globally, it competes with freelancer sites such as Freelancer, Fiverr and Dribbble.

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