NEW YORK (TheStreet) -- Gilead Sciences (GILD) - Get Report announced Monday that it will be offering about $1.1 billion in principal amount of convertible senior notes due in 2014 and about $1.1 billion in principal amount of convertible senior notes due in 2016 and use at least $1 billion of the net proceeds from the offerings to repurchase shares of its common stock in privately negotiated, off-market transactions from purchasers.

Gilead also expects to grant initial note purchasers an option to purchase up to $300 million in additional notes to cover overallotments.

Proceeds from the offering, together with any proceeds from certain warrant transactions, will also be used to fund convertible note hedge transactions.

In addition to Monday's announcement, Gilead had previously declared a $5 billion stock repurchase program.

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-- Reported by Andrea Tse in New York

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