U.S.health information service provider, WebMD Health,is raising $350 million in a note sale. The convertible bonds, which carry a coupon rate of 2.5%, will mature in 2018.
WebMD is seeking to use $100 million of the net proceeds from offering, which is expected to close on Jan 11, 2011, to repurchase about 1.9 million shares of its common stock at $52.07 per share. It may also use the remaining net proceeds for general corporate purposes like acquisitions and additional repurchases of its common stock.
Click here for the release from PR Newswire.