Priceline (PCLN +2.5%) prices its convertible debt offering at very favorable terms. The notes, which are due 2020, will pay an interest rate of just 0.35% and sport a conversion price of $1,315.10/share, 62% above Priceline's current trading price. The buyback that will be financed by the debt offering is good for repurchasing 2.5% of shares at current levels. (PR)
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