Priceline files to raise millions.
Published:
4 August 1999 y., Wednesday
Priceline.com is seeking some big money to fund expenses and possible acquisitions with its latest filing to raise millions. Filed with the Securities and Exchange Commission on July 23 and amended today, Priceline_s offering would involve the sale of up to 6.3 million shares of Priceline stock and up to $287 million of convertible debt. The filing includes some 3.5 million shares that would be sold by shareholders instead of the company. It also includes some 825,000 shares and $37.5 million in debt for overallotment. Ultimately, Priceline could raise more $420 million from the debt and stock offering. The company--which allows customers to name their price for airline tickets, hotel rooms, and new cars--said that it would use the money to fund "anticipated operating losses" and marketing expenses to promote its brand. Also, the company hinted at its future,saying it may use the funds "to make investments in and/or loans to two new business entities with which Priceline.com is exploring the possibility of licensing its brand name and ... business model." Priceline lost $14.3 million in the second quarter on $111.6 million in revenue. Last year, it lost $112 million on $35 million in revenue. The company indicated to investors that it would file for a secondary offering when it announced its second-quarter earnings last month. Priceline raised $160 million by selling 10 million shares in its initial public offering in March. The shares skyrocketed on its first day of trading and now fetch almost five times their initial set price.
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