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Priceline holders convert all 2.25% convertibles before redemption, put $98 million of two series
By Jennifer Chiou
New York, Feb. 19 - Holders of Priceline.com Inc.'s 2.25% convertible senior notes due Jan. 15, 2025 converted all of their securities prior to redemption, according to a 10-K filing with the Securities and Exchange Commission.
On Dec. 15, the company first announced that it would redeem the notes on Jan. 20.
The Norwalk, Conn.-based online travel agency had said it would redeem the notes at par plus accrued interest through Jan. 19. Prior to the close of business on Jan. 19, holders converted their notes at a rate of 26.3505 shares per $1,000 of notes.
The company's stock (Nasdaq: PCLN) closed at $218.31 apiece on Dec. 15, when the notes were called. It closed at $212.87 per share on Feb. 17.
The company said that because the closing price of its stock exceeded the contingent conversion thresholds on two other of its convertibles series, those outstanding notes have put rights as of Dec. 31.
Those notes include the 0.5% convertible senior notes due September 2011 and 0.75% convertible senior notes due September 2013.
As of Feb. 18, Priceline said it has received conversion notices from holders of $98 million of those notes, adding that it will settle those notes using cash during the first quarter.
In all in 2009, the company issued 1,438,294 shares for $77 million of the 2.25% notes, 1,735,208 shares for $94.6 million of the 0.5% notes, and 410,249 shares for $25.5 million of the 0.75% notes.
As of Dec. 31, there was $39.99 million of 0.5% notes outstanding, $133 million of 0.75% notes outstanding and $22,873,000 of the now converted 2.25% notes outstanding.
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