SAN FRANCISCO The notes will be senior unsecured obligations and will pay interest semiannually at a 1.5 percent rate. They will be convertible into shares of the company’s common stock beginning on May 15, 2017.
The initial conversion price represents a premium of 25 percent to the $41.90 per share closing price of the company’s common stock on Thursday. Proceeds will help pay down an outstanding $1.15 billion of notes set to mature in 2013.
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