By Stephanie N. Rotondo
Phoenix, Aug. 7 - MOVE Inc. priced an $85 million offering of 2.75% convertible senior notes due Sept. 1, 2018 on Wednesday at par with an initial conversion premium of 35%, according to a news release.
There is a $15 million over-allotment option.
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 initial conversion rate is 53.2907 common shares per $1,000 of notes, for a conversion price of $18.77 per share.
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.
Any remaining proceeds will be used for general corporate purposes, possible acquisitions or strategic transactions.
| Issuer: | MOVE Inc.
|
| Securities: | Convertible senior notes
|
| Amount: | $85 million
|
| Greenshoe: | $15 million
|
| Maturity: | Sept. 1, 2018
|
| Coupon: | 2.75%
|
| Price: | Par of $1,000
|
| Yield: | 2.75%
|
| Conversion premium: | 35%
|
| Conversion price: | $18.77 per share
|
| Conversion ratio: | 53.2907 common shares per $1,000 of notes
|
| Pricing date: | Aug. 7
|
| Settlement date: | Aug. 12
|
| Stock symbol: | Nasdaq: MOVE
|
| Stock reference price: | $13.90 at close Aug. 6
|
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