Web.com greenshoe exercised, raises 1% convertibles to $258.75 million

By Angela McDaniels

Tacoma, Wash., Aug. 14 - Web.com Group Inc.'s underwriters exercised their $33.75 million over-allotment option in full on Monday, increasing the issue size of the company's 1% five-year senior convertible notes to $258.75 million.

The company reported the greenshoe exercise in an 8-K filing with the Securities and Exchange Commission on Wednesday.

As previously reported, the company priced $225 million of the convertibles at 98.5 with an initial conversion premium of 24.3% on Aug. 8.

Wells Fargo Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunning managers.

Proceeds will be used to repay debt.

Web.com is a Jacksonville, Fla.-based provider of internet services to small businesses.

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