Bloomberg News

Priceline Announces $1 Billion Stock Buyback With Debt Offering

May 30, 2013

Priceline.com Inc. (PCLN:US), the largest U.S. online travel agent by market value, increased its stock-repurchase program by $1 billion in tandem with a private debt offering.

The company plans to use the net proceeds from the offering to buy back as much as $450 million of its outstanding common stock in privately negotiated transactions, Norwalk, Connecticut-based Priceline said in a statement yesterday.

Subject to market conditions, Priceline said it will sell as much as $1 billion in convertible senior notes due in 2020. The initial purchaser will have the option of buying as much as $150 million more in debt to cover an over-allotment.

Shares of Priceline increased as much as 1.5 percent to $803.90 in extended trading. Earlier, they declined 1.5 percent to $792.27 at yesterday’s close in New York, leaving them up 28 percent this year.

To contact the reporter on this story: Lisa Rapaport in New York at lrapaport1@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net


China's Killer Profits
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • PCLN
    (Priceline Group Inc/The)
    • $1075.34 USD
    • 29.50
    • 2.74%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus