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SUNNYVALE, Calif. - Network storage company NetApp said Tuesday it plans to sell $1.1 billion in five-year convertible senior notes to institutional buyers.
| NTAP | 13.25 |  -0.15 |
The interest rate, conversion rate and other terms have yet to be determined, NetApp said.
It plans to grant the underwriters an overallotment option to buy up to $165 million in additional notes.
NetApp also plans to enter into convertible note hedge transactions and separate warrant transactions with the hedge counterparties and to use proceeds of the warrant transactions to partially offset the cost of the convertible note hedge transactions.
The company plans to use up to $275 million of the proceeds from the note offering to repurchase stock from institutional investors, with the rest for general market purposes and other transactions.
In late trading, shares of NetApp declined 61 cents to $23.35. The stock ended the regular session up 17 cents to $23.96.
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