Priceline Positions Itself for 2015 Acquisition Spree With $1.13 Billion Note Offering
he Priceline Group announced today it intends to raise $1.13 billion (or 1 billion euros) in a public offering of senior notes to be used for general corporate purposes, including share repurchases, paying down debt and making acquisitions.
The offering would close on March 3, 2015 for the 12-year notes.
As of the end of 2014, the Priceline Group had more than $8 billion in cash on hand and the offering of senior notes could supplement that and help fund additional acquisitions.
In 2014, the Priceline Group spent $2.5 billion, net of cash acquired, for acquisitions, including $2.4 billion for restaurant reservations platform OpenTable.
In addition, the Priceline Group, which includes Booking.com, Agoda, Kayak and Priceline.com, among other brands, last year invested about $921 million in China’s leading online travel agency, Ctrip.