Priceline plans up to $1 billion seven-year convertibles to yield 0.75%-0.9%, up 60%

By Rebecca Melvin

New York, Aug. 13 – Priceline Group Inc. launched an offering of up to $1 billion of seven-year convertible senior notes after the market close Wednesday that was seen pricing after the market close on Thursday.

The notes were talked to yield 0.75% to 0.9% with a fixed 60% initial conversion premium, according to a market source.

The Rule 144A deal has a $150 million greenshoe and was being sold via Citigroup Global Markets Inc. and Wells Fargo Securities LLC.

The notes will be non-callable for life, with dividend and takeover protection. The bond matures Sept. 15, 2021.

Proceeds are expected to be used to repurchase common stock and for general corporate purposes.

Priceline is a Norwalk, Conn.-based online travel agency.

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