IAC/InterActive unit offers $400 million exchangeable notes due 2022

By Stephanie N. Rotondo

Seattle, Sept. 25 – IAC/InterActiveCorp. is selling $400 million of exchangeable senior notes due 2022 through its wholly owned subsidiary, IAC FinanceCo Inc., the company said in a press release on Monday.

There is a 13-day $60 million over-allotment option on the Rule 144A offering.

In connection with the deal, IAC plans to enter into privately negotiated exchangeable note hedge transactions with one or more of the initial purchasers of the notes. The company also expects to enter into warrant transactions with the option counterparties.

Proceeds will be used, in part, to cover the cost of the hedging transactions. The remaining funds will be used for general corporate purposes, including to lend to IAC, which will then use the funds to repay in full its 4.875% senior notes due 2018.

IAC/InterActive is a New York-based media and internet company.

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