Priceline (NASDAQ:PCLN) Slips on Sale of $500 Million of 5 Yr Convertible Senior Notes

Shares of Priceline.com (NASDAQ:PCLN) are trading 0.9% lower to $233.70 premarket Thursday following an announcement that it plans to sell $500 million of five-year convertible senior notes in a private offering to qualified institutional buyers, using the proceeds to fund a $500 million stock-buyback effort.

The company will make $100 million of the stock purchases in private, off-market deals.