WebMD to give notice of fundamental change to convertible noteholders

By Marisa Wong

Morgantown, W.Va., July 26 – WebMD Health Corp. intends to issue a notice to holders of its 1.5% convertible notes due 2020, 2.5% convertible notes due 2018 and 2.625% convertible notes due 2023 in connection with its acquisition by KKR & Co. LP portfolio company Internet Brands.

Holders would be notified of the anticipated date of the expected fundamental change and make-whole fundamental change under the 1.5% and 2.625% convertibles and the expected change in control and make-whole change of control under the 2.5% notes, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Internet Brands entered into a definitive agreement to acquire WebMD in a transaction valued at $2.8 billion, according to a Monday press release.

WebMD is a New York-based provider of health information services. Internet Brands is an El Segundo, Calif.-based online media and software services company and portfolio company of New York-based private equity firm KKR.

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