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Earlier this week we reported that Uber had hired Goldman Sachs to raise money from the bank’s high-net-worth clients, via a private placement of convertible notes. This was separate from Uber’s institutional fundraise, which today was revealed to be for upwards of $1.8 billion at a $40 billion pre-money valuation (with $1.2 billion already in the bank).本周早些时候，我们报导了租车服务公司Uber请求高盛（Goldman Sachs）为其融资的消息，该公司想向高盛的高净值客户定向发售可转债。这和Uber的机构融资方案言和不相干——今天透露的消息表明，后者对Uber的融资前估值为400亿美元，融资额则多达18亿美元（高盛早已接到了其中的12亿）。Now we have a bit more information on the Goldman offering, which could end up raising around $1 billion. Sources familiar with the situation say that the securities will not be priced to the $40 billion valuation, but rather at a 30% discount to Uber’s eventual IPO price.现在我们又取得了一些高盛向客户出售Uber可转债的消息，此举最后筹措的资金有可能在10亿美元左右。

理解情况的消息人士透漏，这批可转债的定价基础不是上述400亿美元的估值，而是按Uber的最后IPO发行价股份30%。That means Uber would need to be worth around $52 billion at IPO in order for the Goldman investors to receive the same upside as the new institutional buyers. Uber also would need to go public, which likely is more than a year off. No word on what happens to the convertible notes in the highly unlikely case Uber is sold, although my assumption is that the conversion calculation would be similar.也就是说，要想要让高盛客户取得跟机构投资者一样的电子货币空间，Uber的IPO估值必须超过大约520亿美元。同时Uber还得顺利上市，而这有可能要等到一年多以后。

Uber被并购的可能性十分小，但万一经常出现这种情况，上述可转债将如何处置我们尚能不确切。我的猜测是它们可以按类似于的估值水平转换成股票。

An Uber spokeswoman declined to comment.Uber女发言人拒绝接受回应公开发表评论。

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