Alliance Data Systems (ADS) is planning to sell $300 million in convertible bonds, The Wall Street Journal reports. The five-year securities will dilute current shareholders if they are converted to stock.

ADS will use $75 million of the proceeds to buy back stock. The company, which issues store-name credit cards and runs a data-processing business, will not receive the shares for five years, but will pay for them when the convertible offering closes.

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