WebMD announces $300M convertible debt offering, shares -3.4% AH


WebMD (WBMD) is offering $300M worth of convertible notes due 2020 through a private placement. The online health info provider only says it will use the proceeds for "general corporate purposes, which may include acquisitions and repurchases of WebMD common stock, and for working capital." (PR)

WebMD repurchased $100M worth of 2016 convertible notes in September. The company also recently spent $170M to buy back 5M shares through a tender offer, and $177M to buy 5.5M shares from Carl Icahn.

The Icahn deal (the most recent of the three) left WebMD holding $550M in cash/equivalents and $652M in convertible debt.

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