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Priceline Group Inc announces proposed $1 billion private offering of convertible senior notes


Wednesday, 13 Aug 2014 04:15pm EDT 

Priceline Group Inc:Intents to offer, up to $1 bln principal amount of Convertible Senior Notes due 2021 through a private offering to qualified institutional buyers.In certain circumstances, notes may be converted into cash up to their principal amount, and into shares of The Priceline Group common stock and/or cash at company's election for conversion value above the principal amount, if any.Priceline Group plans to use net proceeds from offering of notes to repurchase up to $375 mln of outstanding common stock in privately negotiated, off-market transactions.Which may be effected through initial purchasers of the notes or their affiliates, concurrently with consummation of offering.Any remaining net proceeds will be used for general corporate purposes, which may include repaying outstanding debt, repurchasing additional shares of company's common stock and corporate acquisitions. 

Company Quote

1164.15
14.32 +1.25%
4:00pm EDT