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Priceline.com Incorporated
announced today the pricing of $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.
The notes will pay interest semiannually at a rate of 0.35% per annum. 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
priceline.com's election for the conversion value above the principal amount
based on a conversion rate of 0.7604 shares of common stock per $1,000
principal amount of the notes (which is equal to a conversion price of
approximately $1,315.10 per share, representing a 66% conversion premium based
on the closing price of $792.27 per share on May 29, 2013).
Priceline.com estimates that the net proceeds from the offering of notes will
be approximately $979.0 million, after deducting estimated fees and expenses.
To the extent the initial purchasers sell more than $1 billion principal
amount of the notes, priceline.com granted the initial purchasers an option to
purchase up to $150 million principal amount of additional notes at any time
prior to June 29, 2013, solely to cover over-allotments.
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