They'd be crazy not to take $200m for 4% give or take. Given the beating high flying tech stocks have taken lately on Wall St., and the continued Fed tapering, who knows how much longer the easy money gates will remain open. Better to take it now, and have tons of cash to ride out any eventuality. Bull markets don't run forever, and clearly Pinterest is hardly even in the first inning of monetization, so they're going to need the money. The public markets, even in semi-euphoric mode, will not react well to zero sales and $200m a year in losses.