Chegg Shares Rise After Deal to Buy Back $116.6M of 0% Senior Notes

Dow Jones11-25 23:53

By Chris Wack

Chegg shares were up 12% at $2.25 after the company entered into individual, privately negotiated repurchase agreements with certain holders of its outstanding 0% convertible senior notes due 2026.

The learning platform said it is repurchasing $116.6 million of the notes for a cash repurchase price of $96.2 million.

The Santa Clara, Calif., company said the note repurchase transactions are expected to close Dec. 3.

Following the closing, about $127.9 million of the notes will remain outstanding, and $207.5 million will remain available under Chegg's securities-repurchase program.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

November 25, 2024 10:53 ET (15:53 GMT)

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