WebMD Health to price $300 million seven-year convertible notes at 2.125%-2.625%, up 30%-35%

By Rebecca Melvin

New York, May 25 – WebMD Health Corp. plans to price $300 million of seven-year convertible notes before the market open on Thursday that were talked to yield 2.125% to 2.625% with an initial conversion premium of 30% to 35%, according to market sources.

The Rule 144A deal has an over-allotment option for up to an additional $50 million of notes.

Mizuho Securities USA Inc. is the bookrunner.

The notes are non-callable and will mature June 15, 2023. They have dividend and takeover protection.

Proceeds from the sale will be used for general corporate purposes, which may include acquisitions, repurchases of common shares, repurchases of outstanding convertibles and working capital.

Elmwood Park, N.J.-based WebMD is a provider of health information services.

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