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Zillow completes offerings of C capital stock, convertible senior notes

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Zillow completes offerings of C capital stock, convertible senior notes

Zillow Group Inc. on July 3 completed its offerings of 6,557,017 shares of class C capital stock and $373.5 million of the company’s 1.50% convertible senior notes due 2023.

The stock offering included 855,263 shares sold pursuant to the underwriters' option to purchase additional shares, while the notes offering included about $48.8 million of the principal amount of notes sold pursuant to the underwriters’ option to purchase the additional notes.

Zillow on July 3 entered into an indenture with The Bank of New York Mellon Trust Co. NA., as trustee, relating to the issuance by the company of the 2023 notes.

In connection with the pricing of the convertible notes, the company June 28 entered into privately negotiated capped call transactions with Goldman Sachs & Co. LLC, Citibank NA, Royal Bank of Canada, represented by RBC Capital Markets LLC as its agent, and Bank of America NA, and in connection with the exercise in full of the option to purchase additional notes granted to the underwriters of the notes, the company on July 2 entered into additional capped call transactions with the Option Counterparties.

The net proceeds from the notes Offering were nearly $364.0 million. Zillow used about $29.4 million of the net proceeds from the notes offering to pay the cost of the capped call confirmations.