Global job board Monster Worldwide (MWW: NYSE) yesterday announced the pricing of an offering of USD 125 million aggregate principal amount of its convertible senior notes due 2019 in a private placement to qualified institutional buyers.

Monster also granted the initial purchasers of the notes an option to purchase up to an additional USD 18.75 million aggregate principal amount of the notes to cover over-allotments, if any.

Senior notes are a debt security, or bond, that takes precedence over other unsecured notes and must be repaid in the event of bankruptcy.   

The sale of the notes is expected to close on 22 October 2014, subject to customary closing conditions.

The notes will be unsecured, senior obligations of Monster, and interest will be payable semi-annually at a rate of 3.5% per annum. The notes will mature on 15 October 2019, unless converted or repurchased in accordance with their terms prior to such date.

During the second quarter ending 30 June 2014, Monster repurchased two million shares of its common stock at an average price of USD 5.88 per share, for a total consideration of USD 12 million. Since the inception of the existing programme in the second quarter of 2013, the company has repurchased 28 million shares, or approximately 25% of its outstanding shares, at an average price of USD 5.73 per share.

As of 30 June 2014, there was USD 42 million remaining under the company’s previously announced USD 200 million share repurchase programme.