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Co-Manager

LendingTree, Inc.

$500 Million 07/21/2020 Property and Lending Technology and Services Complete
Lead Bankers: Steve Dearing, Matt Kentner
Public Companies
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Transaction Details

  • On July 21, 2020, LendingTree, Inc. (“LendingTree” or “TREE”) announced the pricing of $500 million aggregate principal amount of 0.50% Convertible Senior Notes due 2025 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended
    • The notes will bear interest at a rate of 0.50% per year, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2021
    • LendingTree also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $75.0 million aggregate principal amount of notes
  • The initial conversion rate for the notes is 2.1683 shares of TREE common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $461.19 per share of common stock)
    • The initial conversion price of the notes represents a premium of approximately 30.0% to the last reported sale price of TREE common stock on July 21, 2020
  • LendingTree intends to use the net proceeds from the offering to pay the net cost of the convertible note hedge transactions, to repurchase a portion of the company’s outstanding 0.625% Convertible Senior Notes due 2022 and for general corporate purposes

About the company

LendingTree, Inc.
LendingTree, Inc. (NASDAQ: TREE) is the nation’s leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards, insurance and more. LendingTree, Inc. is headquartered in Charlotte, NC.

Sources: Transaction press release and Offering Memorandum
  1. This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the material. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.

  2. The offering of the convertible notes was made only by means of an offering memorandum in a private offering to qualified institutional buyers (as defined in Rule 144A under the Securities Act of 1933). The notes and the shares of the Company’s common stock issuable upon conversion of the notes, if any, have not been registered under the Securities Act of 1933 or any state securities laws and the Company does not intend to file a shelf registration statement for resale of the notes or such common stock, if any.

  3. “Stephens” is the brand name for a family of independent privately held financial services firms, including Stephens Europe Limited, which is authorized and regulated by the Financial Conduct Authority (Registered office 36-38 Cornhill, London, EC3V 3NG, Registered number 8817024) and Stephens Inc. which is regulated by the United States Securities and Exchange Commission and the Financial Industry Regulatory Authority (Home Office: 111 Center Street, Little Rock, AR USA, 501-377-2000). Stephens Inc. is a member of NYSE and SIPC. For more information, visit www.stephens.com. © 2020 Stephens