LendingTree Announces Pricing Of $500.0 Million Of Convertible Senior Notes Due 2025

About this update from Lendingtree, Inc.

[{"type":"text","content":"\n CHARLOTTE, N.C., July 21, 2020 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE) (the \"Company\"), a leading online loan marketplace, announced today the pricing of its private offering of $500.0 million aggregate principal amount of its 0.50% convertible senior notes due 2025 (the \"notes\"). The Company also granted the initial purchasers an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $75.0 million aggregate principal amount of notes. The sale of the notes to the initial purchasers is expected to settle on or about July 24, 2020, subject to customary closing conditions, and is expected to result in approximately $486.6 million in net proceeds to the Company, after deducting the initial purchasers' discount and estimated offering expenses payable by the Company (assuming no exercise of the initial purchasers' option) but before deducting the net cost of the convertible note hedge and warrant transactions referred to below.\n\n \n \n \n \n \n \n\n \nThe notes will be senior unsecured obligations of the Company. The notes will bear interest at a rate of 0.50% per annum, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2021. The notes will mature on July 15, 2025, unless earlier repurchased, redeemed or converted.\nThe initial conversion rate for the notes is 2.1683 shares of the Company's common stock per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately $461.19 per share, which represents a premium of approximately 30.0% over the last reported sale price of the Company's common stock on July 21, 2020). Prior to March 13, 2025, the notes will be convertible at the option of the holders only upon the occurrence of specified events, and thereafter until the close of business on the second scheduled trading day immediately preceding the maturity date, the notes will be convertible at any time. Upon conversion, the notes will settle for cash, shares of the Company's common stock, or a combination thereof, at the Company's option. The notes will be redeemable, in whole or in part, for cash at the Company's option at any time, and from time to time, on or after July 20, 2023 and before the 41st scheduled trading day immediately...

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