An 18.5-million-share offering of
common stock was priced at the market, raising money to help pay down debt the company incurred to buy a stake in the London Stock Exchange.
The newly issued shares were sold for $37.36 apiece through underwriters led by Banc of America Securities and and Credit Suisse, raising $691 million for the publicly traded stock market. The deal is the Nasdaq's second since Feb. 10, when 14 million shares -- about half owned by shareholders -- were priced at a little over $40 apiece.
Nasdaq's shares were recently down 9 cents to $37.27 in midmorning trading. They closed at $37.36 Thursday night.
The proceeds from Friday's offering will be used to pay down part of a $1.92 billion credit facility the Nasdaq received two weeks ago from Bank of America. The loan was used to fund the Nasdaq's purchase of a 14.9% stake in the London Stock Exchange for $782 million.
The Nadsaq's offering comes as the market awaits a secondary offering in which shareholders of
are expected to sell about 25 million shares for around $1.7 billion. The NYSE also is reportedly interested in the London Stock Exchange.