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
An aviation agreement has been signed today by the European Union and the Vietnamese authorities which will remove nationality restrictions in the bilateral air services agreements between EU Member States and Vietnam.
more »
The European Investment Bank marked the 50th anniversary of the Republic of Cyprus and its 30 years of activity in the country with a public ceremony celebrating the signature of a total of EUR 180 million for urban environment.
more »
In response to the financial crisis, the Commission has put forward legislative proposals to strengthen and expand existing tools for coordinating economic and fiscal policy in the EU.
more »
In the first meeting of the SME Finance Forum, possible means to improve the current situation of access to finance were discussed, such as the introduction of a grace period for firms in difficulties, the involvement of credit mediators and improved loan guarantees.
more »
The EU budget is no simple matter, but then no budget ever is.
more »
Parliament will be crucial in avoiding a “lowest common denominator” approach when helping to design the EU's new economic governance architecture, ECB president Jean-Claude Trichet told the Economic and Monetary Affairs Committee on Monday.
more »
With a multitude of language-related events taking place on or around 26 September, the main themes for this year's European Day of Languages are business and jobs.
more »
The EU disbursed today € 1.15 billion to Romania, the third instalment of a € 5 billion loan, which was agreed in May 2009 as part of a multilateral financial assistance package.
more »
The European Investment Bank has agreed to lend GBP250 million for the replacement, reinforcement and expansion of the gas distribution networks operated by Scotland Gas Networks and Southern Gas Networks.
more »
The bargaining positions of all players in the human food chain must be rebalanced, and fair competition enforced by law, to ensure fair returns to farmers and price transparency to consumers, says Parliament in a resolution voted on Tuesday.
more »