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.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Women in the EU earn on average 18% less than men - a gap that has scarcely narrowed over the last 15 years and in some countries has even grown.
more »
43 gas and electricity projects to split €2.3bn, the most the EU has ever spent on energy infrastructure in a single package.
more »
Georgia and the European Union have initialled a comprehensive air services agreement at a meeting in Tbilisi, Georgia, today which will open up and integrate the respective markets, strengthen cooperation and offer new opportunities for consumers and operators.
more »
In order to vitalize and strengthen cooperation of business stakeholders in the region, the Nordic and Baltic countries continue running joint mobility programme.
more »
The EBRD is boosting the availability of financing to the real economy sector in Serbia, with a €20 million credit line to Société Générale Serbia for on-lending to small and medium enterprises.
more »
The EBRD is supporting the development of the private sector in Armenia and increases further the availability of financing in the real economy sector with a $10 million loan to Ameriabank for on lending to local companies under its Medium Sized Co-financing Facility (MCFF).
more »
The EBRD is supporting the modernisation and improvement of transport infrastructure in Albania with a €50 million sovereign loan to finance the rehabilitation of regional and local roads in the country.
more »
Given the deep impact Latvia has suffered in the wake of the global crisis, and due to the emergency nature of this program, the first operation will focus mainly on the first and second objectives.
more »
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), will visit Africa March 7-11, to discuss opportunities and challenges facing African economies in the wake of the global crisis.
more »
Without enough money, the EU 2020 strategy risks turning into "another vague scoreboard for the Member States", the EP Budgets Committee warned on Thursday when adopting its priorities for the 2011 budget.
more »