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Webmd Health Corp Announces Proposed Offering of Convertible Notes


Wednesday, 20 Nov 2013 04:09pm EST 

Webmd Health Corp announced that it intends to offer $300 million of Convertible Notes due 2020 in a private placement. WebMD also expects to grant the initial purchaser in the proposed offering an option to purchase up to an additional $50 million aggregate principal amount of notes. The notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The notes will be convertible into shares of WebMD's common stock, based on a conversion rate to be determined. Interest on the notes will be payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2014. The notes will mature on December 1, 2020 unless previously repurchased or converted in accordance with their terms prior to such date. The interest rate, conversion rate, conversion price and other terms of the notes will be determined at the time of pricing of the offering. WebMD intends to use the net proceeds from the sale of the notes for general corporate purposes, which may include acquisitions and repurchases of WebMD common stock, and for working capital. 

Company Quote

44.5
0.08 +0.18%
4:00pm EDT