Zillow Group, Inc. announced that the initial purchasers of the previously announced private offering of its 0.75% convertible senior notes due 2024 (the “2024 Notes”) elected to exercise their option to purchase an additional $73 million aggregate principal amount of the Notes (the “Additional Notes”). The closing of the Additional Notes occurred today. Following today’s closing, there is a total of $673 million aggregate principal amount of 2024 Notes outstanding.
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The net proceeds from the Additional Notes were approximately $72.0 million after deducting the initial purchasers’ discounts and commissions and offering expenses payable by Zillow Group. Zillow Group used approximately $9.1 million of the net proceeds from the Additional Notes to pay the cost of the capped call transactions entered into in connection with the offerings. Zillow Group intends to use the remainder of the net proceeds for general corporate purposes, which may include working capital, sales and marketing activities, general and administrative matters and capital expenditures.
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This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The 2024 Notes and the shares of Zillow Group Class C capital stock, if any, issuable upon conversion of the 2024 Notes have not been and will not be registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and any applicable state securities laws.
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