JACKSONVILLE, Fla., Aug. 9, 2013 (GLOBE NEWSWIRE) -- Web.com Group, Inc. (Nasdaq:WWWW), a leading provider of internet services and online marketing solutions for small businesses, announced today the pricing of $225.0 million aggregate principal amount of 1.00% senior convertible notes due 2018. In addition, Web.com has granted the underwriters a 30-day option to purchase up to an additional $33.75 million aggregate principal amount of notes on the same terms and conditions to cover over-allotments. Web.com intends to use the net proceeds from the offering for repayment of indebtedness. The notes will be senior unsecured obligations of Web.com and will bear interest at a rate of 1.00% per year, payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2014. The notes will mature on August 15, 2018, unless earlier repurchased, redeemed or converted. Prior to May 15, 2018, the notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate will initially be 28.5714 shares of Web.com's common stock per $1,000 principal amount of the notes, which is equivalent to an initial conversion price of approximately $35.00 per share of common stock, representing a conversion premium of approximately 24.3% over the last reported sale price of $28.16 per share of common stock on the NASDAQ Global Select Market on August 8, 2013. Upon conversion, holders will receive cash, shares of Web.com's common stock or a combination thereof, at Web.com's election. Web.com estimates that the net proceeds from the offering of the notes will be approximately $218.5 million (or $251.4 million if the underwriters exercise their over-allotment option in full), after deducting the underwriters' discounts and commissions and estimated offering expenses payable by Web.com.