Pandora Prices Prices Proposed Follow-On Offering At $25/Share

(RTTNews) - Pandora Media Inc. (P) announced the pricing of an underwritten public offering of 18.2 million common shares at $25.00 per share. The company expects to close the offering on September 24, 2013.

A total of 13 million shares are being offered by Pandora, and a total of 5.2 million shares are being offered by the selling stockholder.

Pandora said it will not receive any proceeds from the sale of shares by the selling stockholder.

In addition, Pandora has granted the underwriters a 30-day option to purchase up to an additional 2.73 million shares to cover over-allotments, if any.

Pandora intends to use offering net proceeds of this offering for general corporate purposes, including working capital and capital expenditures. In addition, Pandora may use a portion of the net proceeds for potential acquisitions of businesses, products or technologies.