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Priceline.com Inc Announces Proposed $1 Billion Private Offering Of Convertible Senior Notes And Authorization To Repurchase Shares Of Common Stock


Wednesday, 29 May 2013 04:10pm EDT 

Priceline.com Inc announced that its intention to offer, subject to market and other conditions, up to $1 billion principal amount of Convertible Senior Notes due 2020 through a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In certain circumstances, the notes may be converted into cash up to their principal amount, and into shares of priceline.com common stock and/or cash at the Company's election for the conversion value above the principal amount, if any. Board of Directors authorized the repurchase of up to an additional $1 billion of priceline.com's common stock, concurrently with the consummation of the offering and thereafter from time to time. Priceline.com plans to use the net proceeds from the offering of the notes to repurchase up to $450 million of its outstanding common stock in privately negotiated, off-market transactions, which may be effected through the initial purchaser of the notes or its affiliates, concurrently with the consummation of the offering. Priceline.com also intends to use the net proceeds thereafter to repurchase shares of priceline.com common stock in the open market or in privately negotiated transactions from time to time. Any remaining net proceeds will be used for general corporate purposes, which may include repaying outstanding debt and corporate acquisitions. 

Company Quote

1250.0
-0.71 -0.06%
29 Aug 2014