Booking Holdings Inc. 8-K 2017
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2017
THE PRICELINE GROUP INC.
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (203) 299-8000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
ITEM 1.01. Entry into a Material Definitive Agreement.
On August 15, 2017, The Priceline Group Inc. (the Company) executed two Officers Certificates (the Officers Certificates), in accordance with Sections 2.02 and 10.04 of the Indenture dated August 8, 2017 (the Base Indenture and, together with the Officers Certificates, the Indenture) between the Company and U.S. Bank National Association, as trustee (the Trustee), in connection with the sale of $500,000,000 aggregate principal amount of the Companys 2.750% Senior Notes due 2023 (the 2023 Notes) and $500,000,000 aggregate principal amount of the Companys 3.550% Senior Notes due 2028 (the 2028 Notes and, together with the 2023 Notes, the Senior Notes). The 2023 Notes will mature on March 15, 2023, unless earlier redeemed or repurchased, and the 2028 Notes will mature on March 15, 2028, unless earlier redeemed or repurchased. The Senior Notes are the Companys general senior unsecured obligations and rank equally with the Companys other senior unsecured obligations.
The Company will pay interest on the 2023 Senior Notes at an annual rate of 2.750% payable on March 15 and September 15 of each year, beginning March 15, 2018 and will pay interest on the 2028 Notes at an annual rate of 3.550% payable on March 15 and September 15 of each year, beginning March 15, 2018.
Prior to February 15, 2023, the date that is one month prior to the maturity date of the 2023 Notes (the 2023 Notes Par Call Date), the Company may redeem some or all of the 2023 Notes at a redemption price equal to 100% of their principal amount plus accrued and unpaid interest, if any, plus a specified make-whole premium. The Company may also redeem some or all of the 2023 Notes on or after the 2023 Notes Par Call Date at 100% of the principal amount of the 2023 Notes, plus accrued and unpaid interest, if any.
Prior to December 15, 2027, the date that is three months prior to the maturity date of the 2028 Notes (the 2028 Notes Par Call Date), the Company may redeem some or all of the 2028 Notes at a redemption price equal to 100% of their principal amount plus accrued and unpaid interest, if any, plus a specified make-whole premium. The Company may also redeem some or all of the 2028 Notes on or after the 2028 Notes Par Call Date at 100% of the principal amount of the 2028 Notes, plus accrued and unpaid interest, if any.
The Indenture contains customary events of default with respect to the Senior Notes, including failure to make required payments, failure to comply with certain agreements or covenants, and certain events of bankruptcy and insolvency. Events of default under the Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the Senior Notes. If any other event of default under the Indenture occurs and is continuing with respect to a series of Senior Notes, the Trustee or the holders of at least 25% in aggregate principal amount of the then outstanding Senior Notes of such series may declare the acceleration of the amounts due under the Senior Notes of such series.
The foregoing description of the Senior Notes is qualified in its entirety by reference to the full text of the Base Indenture, which was previously filed as Exhibit 4.1 to the Companys shelf registration statement on Form S-3 (Registration File No. 219800) (the Registration Statement), the Form of 2023 Note, which is filed as Exhibit 4.1 hereto, the Form of 2028 Note, which is filed as Exhibit 4.2 hereto, the officers certificate relating to the 2023 Notes, which is filed as Exhibit 4.3 hereto, and the officers certificate relating to the 2028 Notes, which is filed as Exhibit 4.4 hereto, each of which is incorporated herein by reference.
ITEM 8.01 OTHER EVENTS
On August 10, 2017, the Company entered into an underwriting agreement (the Underwriting Agreement) with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters listed on Schedule II thereto (the Underwriters), pursuant to which the Company agreed to issue and sell to the Underwriters $1,000,000,000 aggregate principal amount of Senior Notes in a registered public offering (the Offering). The Offering was consummated pursuant to the Companys Registration Statement. For a complete description of the terms and conditions of the Underwriting Agreement, please refer to the Underwriting Agreement, which is filed as Exhibit 1.1 hereto, and is incorporated herein by reference.
The Opinion of Cravath, Swaine & Moore LLP with respect to the validity of the Senior Notes is filed as Exhibit 5.1 hereto, and is incorporated herein by reference.
This Current Report on Form 8-K and the exhibits hereto are incorporated by reference into the Registration Statement.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) The following exhibits are filed as a part of this Report.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 15, 2017