NEW YORK (TheStreet) -- Shares on LinkedIn Corp. (LNKD) are up 2.38% to $223.37 after the company announced the pricing of $1.15 billion aggregate principal amount for convertible senior notes due 2019.
The online professional network said the sale of the notes is expected to result in approximately $1.13 billion in net proceeds to LinkedIn.
LinkedIn expects to use approximately $70.2 million of the net proceeds to pay the cost of the convertible note hedge transactions and use the remaining proceeds for general corporate purposes.
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Separately, TheStreet Ratings team rates LINKEDIN CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate LINKEDIN CORP (LNKD) a HOLD. The primary factors that have impacted our rating are mixed--some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself."