Priceline.com plans $500M private notes offering

Priceline.com Inc. in Norwalk plans a private offering of up to $500 million convertible senior notes due 2015.

The online travel company plans to use the offering's net proceeds to buy back up to $100 million of its outstanding shares in privately negotiated, off-market transactions. Funds may also be used for general corporate purposes such as buybacks, acquisitions or to repay outstanding debt.

Priceline.com expects to give initial buyers a 30-day option to purchase up to an additional $75 million notes to cover any overallotments.

The company's board also approved the repurchase of up to $500 million shares of its common stock, including up to $100 million shares to be bought back concurrently with the offering.

Last month Priceline.com said its fourth-quarter profit more than doubled as revenue grew sharply amid an improving economy that had more people booking trips. (AP)