Priceline.com plans tender offer for convertible bonds due 2010, 2015

By Laura Lutz

Des Moines, Sept. 21 - Priceline.com Inc. announced that it plans to conduct a tender offer for all of its outstanding convertible bonds due in 2010 and 2025.

The company will offer to purchase some of the existing bonds for cash and to exchange the remainder for newly issued bonds. The new bonds will be similar to the old ones except that they will have net share settlement - conversions will have cash settlement for the principal amount and Priceline.com stock for the conversion value above the principal amount.

The company will fund the tender offer with proceeds from a private placement of new convertible senior notes that it plans to conduct. The tender offer will begin after settlement of the placement.

Priceline.com is a website travel service based in Norwalk, Conn.

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