Victor, what logic does this mean to you?
>NORWALK, Conn.--(BUSINESS WIRE)--June 30, 2000--Priceline.com (Nasdaq: PCLN) said today that Delta Air Lines, Inc., had exchanged 6.0 million shares of priceline.com common stock held by Delta for 6.0 million shares of convertible preferred stock of priceline.com. The exchange was part of a November 1999 agreement between Delta and priceline.com. The newly issued convertible preferred shares pay dividends in common stock at a rate of 8 percent a year starting from April 1, 2000. Dividends on the preferred stock are payable semi-annually on October 1st and April 1st of each year, beginning October 1, 2000. Priceline.com may, at its option, redeem the preferred stock after April 1, 2003 at $59.93 per share in cash, plus accrued but unpaid dividends. The preferred stock is subject to mandatory redemption on April 1, 2010. The preferred stock is convertible into shares of priceline.com common stock on a one-for-one basis at any time prior to redemption, subject to customary anti-dilution adjustments. |
