Zillow closes $1.1B in convertible debt offerings

|About: Zillow Group, Inc. (Z)|By:, SA News Editor

Zillow (Z, ZG) has closed an offering of $1.1B in debt.

The company closed the offering of $600M of 0.75% convertible senior notes due 2024 and $500M of 1.375% convertible senior notes due 2026.

Initial purchasers have a 30-day option to buy up to an additional $90M in 2024 notes and $75M in 2026 notes.

Net proceeds from the 2024 and 2026 offerings were $592.2M and $493.5M respectively, and about $75.2M of the 2024 proceeds and $75.4M of the 2026 proceeds were used to pay the cost of connected capped call transactions. The rest is set to go to general purposes.

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