Nashville, July 29 - Priceline.com Inc. sold $100 million of seven-year convertible notes at par to yield 1.0% with a 15% initial conversion premium, via sole bookrunner Goldman Sachs & Co.
The Rule 144A issue sold at the cheap end of yield talk of 0.5% to 1% and in the middle of premium guidance of 13% to 18%.
The Norwalk, Conn.-based website travel service said proceeds would be used for general corporate purposes, strategic purposes and working capital requirements.
Terms of the new deal are:
Issuer: Priceline.com Inc.
| Issue: | Convertible senior unsecured notes
|
| Lead manager: | | Goldman Sachs
|
| Amount | $100 million
|
| Greenshoe: | $25 million
|
| Maturity: | Aug. 1, 2010
|
| Coupon: | 1.0%
|
| Price: | Par
|
| Yield: | 1.0%
|
| Conversion premium: | 15%
|
| Conversion price: | $40.00
|
| Conversion ratio: | 25.00
|
| Contingent conversion: | 110%
|
| Call: | Non-callable for 5 years
|
| Put: | In year 5
|
| Price talk: | 0.5-1.0%, up 13-18%
|
| Pricing date: | July 29, before the open
|
| Settlement: | Aug. 1
|
| Distribution: | Rule 144A
|
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