Zillow spends $370.2 million to repurchase Trulia 2.75% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 12 – Zillow Group Inc. used $370.2 million of the proceeds of its new convertible notes to repurchase a portion of the outstanding 2.75% convertible senior notes due 2020 issued by subsidiary Trulia, LLC in privately negotiated transactions, according to a company news release.

The company issued $460 million of 2% five-year convertible senior notes on Monday at par with an initial conversion premium of 37.5%. The amount includes the full exercise of the $60 million over-allotment option.

A portion of the proceeds were used to pay the cost of capped call transactions, and the remaining proceeds will be used for general corporate purposes, which may include the repurchase of additional Trulia convertibles, general and administrative matters and capital expenditures.

Zillow is a Seattle-based real estate search company.

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