March 5, 2010 (FinancialWire) — Priceline.com Inc. (NASDAQ: PCLN) plans to offer up to $500 million principal amount of convertible senior notes due 2015 in a private offering.

In certain circumstances, the notes may be converted into cash up to their principal amount, and into shares of priceline.com common stock and/or cash at the company’s election for the conversion value above the principal amount, if any.

Priceline.com said it expects to grant the initial purchasers a 30-day option to purchase up to $75 million principal amount of additional convertible senior notes due 2015 solely to cover over-allotments.

The company plans to use the net proceeds from the offering of the notes to repurchase up to $100 million of its outstanding common stock in privately negotiated, off-market transactions, which may be effected through one or more of the initial purchasers of the notes or their respective affiliates, concurrently with the offering.

The net proceeds will also be used for general corporate purposes, which may include repurchasing shares of priceline.com common stock in the open market or in privately negotiated transactions from time to time, repaying outstanding debt and corporate acquisitions.

In connection with the proposed note offering, priceline.com’s board of directors authorized the repurchase of up to $500 million of priceline.com’s common stock, including up to $100 million of common stock to be repurchased concurrently with the offering.

Connecticut-based Priceline.com provides online travel services in 29 languages in 78 countries in Europe, North America, Asia, the Middle East and Africa.

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