Chegg (CHGG) shares were fluctuating in heavy trading Monday after the company announced a buyback of its 0% convertible senior notes due 2026.
The company said it entered into individual, privately negotiated agreements with certain holders to buyback approximately $56.6 million of the 2026 notes for a repurchase price of around $49.8 million.
The transactions are expected to close on March 7, subject to the satisfaction of customary closing conditions. Following the closing, approximately $71.4 million of the 2026 notes will remain outstanding and $157.7 million will remain available under securities repurchase program.
Share price spiked to as much as $1.20 after the filing, but was recently down 0.5%. Trading volume stood at over 4.4 million shares against a daily average of about 3.4 million.
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