Zillow Group is looking to inject some cash into its business. The Seattle real estate giant on Wednesday announced pricing for stock and debt offerings that will provide up to $993 million in net proceeds.
Zillow said it will use the money to repurchase a portion of its outstanding convertible senior notes, as well as “general corporate purposes.”
“Additionally, Zillow Group may choose to use a portion of the net proceeds to expand its current business through acquisitions of, or investments in, other businesses, products or technologies,” the company said in a press release.
Zillow beat first quarter earnings expectations last week as CEO Rich Barton expressed optimism for the future of real estate amid the COVID-19 pandemic. Shares are down about 10% this week.
Other companies are using a similar strategy to get through the pandemic. Uber announced a proposed $750 million senior notes offering on Wednesday.
