SAN JOSE, Calif., Aug. 7, 2013 /PRNewswire/ -- Move, Inc. (NASDAQ: MOVE), the leader in online real estate, today announced the pricing of $85 million aggregate principal amount of convertible senior notes due 2018 in a private placement. Move has also granted the initial purchaser an option to purchase up to an additional $15 million aggregate principal amount of the notes. The notes will pay interest semiannually at a rate of 2.75% per annum. The notes will mature on September 1, 2018, unless repurchased or converted in accordance with their terms prior to such date. Prior to June 1, 2018, the notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the business day immediately preceding the maturity date regardless of these conditions. Upon conversion, holders will receive, at Move's election, cash, shares of Move's common stock or a combination thereof. Holders of the notes will have the right to require Move to repurchase all or some of their notes at 100% of their principal, plus any accrued and unpaid interest, upon the occurrence of certain events. The initial conversion rate will be 53.2907 shares of Move's common stock (subject to customary adjustments) per $1,000 principal amount of the notes, which is equivalent to a conversion price of approximately $18.77 per share, which represents a conversion premium of approximately 35% to the closing sale price of $13.90 per share of Move's common stock on August 6, 2013. Move estimates that the net proceeds from the sale of the notes will be approximately $82.1 million, after deducting the initial purchaser's discount and estimated offering expenses payable by Move (assuming no exercise of the initial purchaser's option to purchase additional notes). Move intends to use $25 million of the net proceeds from this offering to repurchase shares of its common stock concurrently with the offering in privately negotiated transactions, which could affect the market price of Move's common stock concurrently with, or shortly after, the pricing of the notes, and could result in a higher effective conversion price for the notes. Move intends to use the remaining net proceeds for general corporate purposes and possible future acquisitions or strategic transactions. The sale of the notes is expected to close on August 12, 2013, subject to customary closing conditions.