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Zillow to repurchase $194.7 million of 2% convertibles due 2021
By Rebecca Melvin
New York, May 13 – Zillow Group Inc. expects to repurchase $194.7 million principal amount of its 2% convertible senior notes due 2021 for $232.6 million, consisting of $196.4 million in cash and 753,936 shares of class C capital stock, based on a public offering price of $48.00 per share, according to a company news release on Wednesday.
The company announced on Tuesday that it was planning to buy back a portion of the 2021 convertibles with the proceeds of concurrent issues of $500 million of class C shares and $500 million of convertible senior notes due 2025.
The proceeds are also being used for general corporate purposes, including general and administrative matters and capital expenditures, as well as possible acquisitions of businesses, products or technologies.
Zillow priced $460 million of the 2% convertibles due 2021 in December 2016.
Zillow is a Seattle-based real estate search company.
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