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Zillow’s $400 million five-year convertible senior notes talked to yield 2.25%-2.75%, up 35%-40%
By Stephanie N. Rotondo
Seattle, Dec. 6 – Zillow Group Inc.’s planned $400 million sale of convertible senior notes due 2021 is being talked to yield 2.25% to 2.75% with an initial conversion premium of 35% to 40%, according to a market source.
The deal – led by Citigroup Global Markets Inc. – was first announced on Monday. Pricing is expected after the bell on Tuesday.
There is a $60 million over-allotment option on the Rule 144A deal.
Conversion of the bonds will be settled in cash, class C stock or a combination thereof.
Proceeds will be used, in part, to pay the cost of capped call transactions associated with the offering. Remaining funds will be used for general corporate purposes, which may include the repurchase of 2.75% convertible senior notes due 2020 linked to subsidiary Trulia LLC, for general and administrative matters, for capital expenditures, for acquisitions or for investments in technologies or businesses that complement Zillow’s business.
Zillow is a Seattle-based real estate company.
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