MOVE plans to price $85 million five-year convertible senior notes

By Stephanie N. Rotondo

Phoenix, Aug. 5 - MOVE Inc. announced an $85 million offering of five-year convertible senior notes on Monday.

There is a $15 million over-allotment option, according to a press release.

The Rule 144A notes can be converted prior to June 1, 2018 under certain circumstances. After June 1, 2018, the notes can be converted at any time.

The San Jose, Calif.-based real estate company intends to use up to $25 million of the proceeds to fund a repurchase of common stock. MOVE said that the intended use "could result in a higher effective conversion price for the notes."

Any remaining proceeds will be used for general corporate purposes, possible acquisitions or strategic transactions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.