Priceline Plans $1 Bln Private Offering Of Convertible Senior Notes

(RTTNews) - The Priceline Group Inc. (PCLN) said Wednesday that it plans to offer up to $1 billion principal amount of Convertible Senior Notes due 2021 through a private offering to qualified institutional buyers.

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 company's election for the conversion value above the principal amount, if any.

To the extent the initial purchasers sell more than $1 billion principal amount of the notes, the company expects to grant the initial purchasers an option to purchase up to $150 million principal amount of additional notes for 30 days after the pricing date, solely to cover over-allotments.

The Priceline Group plans to use the net proceeds from the offering of the notes to repurchase up to $375 million of its outstanding common stock in privately negotiated, off-market transactions, which may be effected through the initial purchasers of the notes or their affiliates, concurrently with the consummation of the offering. Any remaining net proceeds will be used for general corporate purposes, which may include repaying outstanding debt, repurchasing additional shares of the Company's common stock and corporate acquisitions.