Overstock.com greenshoe exercised, raising convertibles to $120 million

By Caroline Salls

Pittsburgh, Nov. 29 - Overstock.com Inc. said the underwriters of its recent offering of 3.75% senior convertible notes due 2011 have exercised the $20 million over-allotment option in full, raising the size of the deal to $120 million.

The Salt Lake City-based online retailer originally sold $100 million of the securities after the close on Nov. 17 to yield 3.75% with a 32.5% initial conversion premium.

Lehman Brothers was the bookrunner for the Rule 144A deal.

Proceeds will be used for working capital requirements and general corporate purposes, including acquisitions, although no acquisition plans are pending.

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