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Priceline Group Inc announces pricing of $1 bln private offering of convertible senior notes and common stock repurchase


Thursday, 14 Aug 2014 10:30pm EDT 

Priceline Group Inc:Announces pricing of $1 billion principal amount of Convertible Senior Notes due 2021 through a private offering to qualified institutional buyers.The notes will pay interest semiannually at a rate of 0.90 pct. per annum.In certain circumstances, the notes may be converted into cash up to their principal amount, and into shares of The Priceline Group common stock and/or cash at The Priceline Group's election for the conversion value above the principal amount.Says based on a conversion rate of 0.4865 shares of common stock per $1,000 principal amount of the notes (which is equal to a conversion price of about $2,055.50 per share, representing an about 60% conversion premium based on the closing price of $1,284.81 per share on Aug. 14, 2014.The Priceline Group plans to use the net proceeds from the offering of the notes to repurchase about $147 million of its outstanding common stock. 

Company Quote

1138.43
7.45 +0.66%
24 Oct 2014