UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On March 6, 2023, LendingTree, Inc. (the “Registrant”) entered into individual privately negotiated transactions (the “Note Repurchase Agreements”) with certain holders of its 0.50% Convertible Senior Notes due 2025 (the “Notes”), pursuant to which the Registrant will pay an aggregate of approximately $156.4 million in cash for the repurchase of approximately $190 million in aggregate principal amount of the Notes (the “Note Repurchases”). Pursuant to the Note Repurchase Agreements, the repurchase consideration is payable in cash based on pricing formulations linked to the volume weighted average trading price for shares of the Registrant’s common stock over a price measurement period with respect to each Note Repurchase Agreement.
In connection with the Note Repurchases, the Registrant expects to unwind a portion of the call options associated with the aggregate principal amount of Notes repurchased as well as the outstanding warrants originally issued in conjunction with such call options.
The foregoing description of the Note Repurchase Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the full text thereof, a copy of which is filed as Exhibit 10.1 and incorporated herein by reference.
Item 8.01. Other Events.
On March 6, 2023, the Registrant issued a press release announcing the Note Repurchases. A copy of the related press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws, including the aggregate cash purchase price anticipated to be paid with respect to the Note Repurchases and expectations that the Registrant will unwind a portion of the call options associated with the aggregate principal amount of Notes repurchased as well as the outstanding warrants originally issued in conjunction with such call options. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “if,” “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future events. We cannot assure you that future developments affecting us will be those that we have anticipated. Important risks and uncertainties that could cause actual results to differ materially from our expectations include, among others, risks and uncertainties concerning the final terms and conditions on which transactions may be completed with respect to the Note Repurchases and related transactions with respect to unwinding of a portion of the call options associated with the aggregate principal amount of Notes repurchased as well as the outstanding warrants originally issued in conjunction with such call options, uncertainties regarding completion of additional similar transactions and those other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Registrant’s Annual Report on Form 10-K most recently filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on our investor relations website at ir.rh.com and on the SEC website at www.sec.gov. You should not place undue reliance on these forward-looking statements. Any forward-looking statement made by us on this Current Report on Form 8-K speaks only as of the date on which we make it. The Registrant expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
Item 9.01. Financial Statements and Exhibits.
| Exhibit No. | Exhibit Description | |
| 10.1 | Form of Note Repurchase Agreement dated March 6, 2023 | |
| 99.1 | Press Release dated March 6, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
| 2 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 8, 2023
| LENDINGTREE, INC. | ||
| By: | /s/ Trent Ziegler | |
| Trent Ziegler | ||
| Chief Financial Officer | ||
| 3 |