• Chegg (NYSE:CHGG) shares were launched to a 3-month high on the company’s agreement to buy back $116.6M in senior notes in a private purchase agreement with certain noteholders.
• The 0% convertible senior notes due 2026 will be bought at an aggregate cash repurchase price of ~$96.2M, after which ~$127.9M principal amount of the notes will remain outstanding with another $207.5M available under the company’s security repurchase program.
• Shares are up 15% and trading above the 100-day moving average for the first time since February.

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