Backing that up is the recent news that Zillow Group, Inc. is planning to continue its underwritten public offerings of $500 million in shares of its Class C capital stock, as well as $500 million aggregate principal amount of its convertible senior notes due in 2025.
Joint managers of the shares and notes offerings include Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets, Inc., and Credit Suisse Securities (USA) LLC.
Zillow pledges to give the underwriters of the shares offering a 30-day option to buy up to an additional $75 million in shares as well as the same option to those purchasing notes.
The company will use the equity to repurchase a section of its outstanding 2.00% convertible senior notes due in 2021.
Zillow has reported that a portion of the net proceeds may go towards expansion through acquisitions, investments, products, or technological innovations.
The property portal giant is showing, once again, that it has a plan to combat the negative impact the pandemic has had on its own numbers, as well as on the market as a whole. It recently stated it would restart its iBuying model, Zillow Offers, and it put in place a number of digital solutions to support quarantine orders. All of this and more shows just how secure the company is in its position at the top of the market.