Overstock to sell more shares of stock
Overstock.com Inc. will use an expected $65.3 million from sales of 1.2 million shares of common stock and $100 million from the sale of convertible notes for working capital and general corporate needs, the company said today.
Overstock said it will sell the shares at $57.53 a share as part of a previously announced underwritten public offering under its existing shelf registration statement. The notes carry an interest rate of 3.75% and will be due in 2011. The private offering will result in gross proceeds of $100 million, up from a previously announced offering of $75 million.
The company says a portion of the proceeds from both of the sales may also be used to acquire complementary technologies or businesses, although it has no commitments and is not involved in any negotiations to do so at this time.
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