Chegg privately buys $169.7 million zero-coupon convertibles due 2026

Chicago, Aug. 23 – Chegg Inc. worked with certain holders of its 0% convertible senior notes due 2026 to buy a portion of the bonds for cash, according to an 8-K filing with the Securities and Exchange Commission.

The company is buying $169.7 million of the notes for a cash repurchase price of $135.8 million.

Settlement is expected on Aug. 31.

After closing, there will be approximately $244.5 million of the 2026 notes outstanding and $153.7 million will remain under Chegg’s securities repurchase program.

Chegg is a Santa Clara, Calif.-based online textbook rental, tutoring, scholarship and internship matching company.

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