WASHINGTON (dpa-AFX) - Etsy, Inc. (ETSY), an e-commerce company, Wednesday said it plans to privately offer $650 million in convertible senior notes due 2030.
Etsy also intends to grant the initial purchasers of the notes an option to purchase up to an additional $50 million of notes.
The company intends to use up to $175 million of the net proceeds to buy back its shares from purchasers of the notes at a price equal to the stock price as on the date of the pricing of the offering. Remaining proceeds from the offering will be used for general corporate purposes including repayment or repurchase of the company's debt securities.
Further, Etsy noted that it may buy back additional shares pursuant to its existing stock repurchase program.
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