Alliance Data Systems to raise $300 million through private placement

Alliance Data Systems Corporation, a US-based provider of transaction services, credit services, and marketing services, has announced it will raise $300 million through a private placement of convertible senior notes due 2014 (‘private placement’ or ‘private placement memorandum’).

Alliance Data Systems also intends to grant to the initial purchasers of the notes an option to purchase up to an additional $45 million aggregate principal amount of notes solely to cover over-allotments, if any.

The notes will be general unsecured senior obligations of Alliance Data Systems, will pay interest semi-annually, and will be convertible during certain periods and under certain circumstances.

Alliance Data expects to use the net proceeds of the offering and related warrant transactions (i) to repurchase an estimated amount of $75 million worth of shares of its common stock, (ii) to pay an estimated amount of $39.3 million for the cost of convertible note hedge transactions entered into in connection with the offering, taking into account the anticipated proceeds to Alliance Data from related warrant transactions, and (iii) for general corporate purposes, which may include repayment of outstanding indebtedness under its revolving credit facility.
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