WebMD says greenshoe exercised, raising convertibles to $350 million

New York, July 7 - WebMD Corp. said underwriters of its recent offering of convertible subordinated notes due 2023 exercised the $50 million over-allotment option in full, raising the size of the deal to $350 million.

The Elmwood Park, N.J. provider of electronic healthcare services originally sold $400 million of the convertibles after the market closed on June 19 to yield 1.75% with an initial conversion premium of 35%.

Bank of America led the Rule 144A deal.

Proceeds will be used for general corporate purposes, which may include acquisitions, repurchases of its common stock and for working capital.

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