Monster to buy back $10 million of 3.5% convertible notes due 2019

By Marisa Wong

Morgantown, W.Va., March 22 – Monster Worldwide, Inc. entered into a privately negotiated agreement to repurchase $10 million of its 3.5% convertible senior notes due 2019, according to an 8-K filing with the Securities and Exchange Commission.

The company will repurchase the notes for $9,475,000 in cash, plus accrued interest.

The transaction represents the buyback of about 7% of the outstanding amount of the notes.

The company’s board of directors has authorized the company to use funds allocated to its stock repurchase program for the convertible notes repurchase.

The company expects the transaction to close on March 28. After that, about $133.8 million of the notes will remain outstanding.

As a result of the $10 million buyback, the company expects to unwind a corresponding portion of the capped call transactions entered into in connection with the issuance of the notes, the filing noted.

New York-based Monster is an online and mobile employment services company.

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