Priceline.com Incorporated
PCLN announced today its intention to offer, subject to market and
other conditions, up to $875 million principal amount of Convertible Senior
Notes due 2018 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.
Priceline.com plans to use the net proceeds from the offering of the notes to
repurchase up to $200 million of its outstanding common stock in privately
negotiated, off-market transactions, which may be effected through one or more
of the initial purchasers of the notes or their respective affiliates,
concurrently with the offering. The net proceeds will also be used for
general corporate purposes, which may include repurchasing shares of
priceline.com common stock in the open market or in privately negotiated
transactions from time to time, repaying outstanding debt and corporate
acquisitions.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in