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AOL to Raise as Much as $345 Million as Ad Business Expands

AOL Inc., the operator of the Huffington Post and other websites, plans to raise as much as $345 million by selling convertible notes, providing funding it could use to keep expanding in the advertising market.

The company will use $50 million of the proceeds from the private sale to buy back shares from the note acquirers as part of a previously announced $150 million repurchase program, according to a statement yesterday. The proceeds will also fund hedge and warrant transactions to cover the AOL shares underlying the notes, and could pay for additional stock repurchases, acquisitions or other transactions.