VeriSign Will Offer $1.1 Billion Worth of Debentures; to Use Proceeds for Share Repurchases

MOUNTAIN VIEW, CA (AP) -- VeriSign Inc., which manages domain name registries for Web sites, said Monday it plans to offer $1.1 billion worth of convertible debentures and use the proceeds to repurchase shares.

The notes, due 2037, will be sold to qualified institutional buyers, the company said.

VeriSign plans to grant to the initial purchaser the right to buy up to an additional $200 million principal amount of debentures to cover overallotments.

Shares of VeriSign Inc. fell 39 cents to $29.26 in the extended session. They rose 39 cents to close at $29.65.