Zillow Group Plans $1 Billion Stock and Debt Offering
Online home valuation resource Zillow Group (NASDAQ: Z) (NASDAQ: ZG) plans to boost its liquidity even further. In twin SEC filings Tuesday, Zillow announced plans to issue:
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At Zillow's current stock price of just about $52 per share, the company will issue about 9.6 million new Zillow C-shares. In an accompanying press release, Zillow announced that it "intends to use the net proceeds from the Shares Offering and the Notes Offering to repurchase a portion of its outstanding 2.00% convertible senior notes due 2021" (thus rolling over old debt), but also, potentially, for "acquisitions of, or investments in, other businesses, products or technologies" (i.e. to grow the business).
Source Fool.com
