Trulia announces $150M convertible debt offering, shares -2.3% AH

Trulia (TRLA) plans to sell $150M worth of convertible senior notes due 2020. Underwriters will have a $22.5M overallotment option. Trulia can't redeem the notes before Dec. 2018. (PR)

The online/mobile real estate platform says it will use $30M of the net proceeds to buy back shares, and another $7.2M to fully pay down a credit facility. The remainder will be used for "working capital and general corporate purposes," and possibly to make acquisitions/investments.

With Trulia having recently spent $68M in cash to help pay for its $355M acquisition of real estate sales/marketing software vendor Market Leader, the company had only $43.4M in cash/equivalents at the end of Q3, along with $8M in debt.

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