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Short Take: AOL sells $350 million in notes

America Online said it has raised $350 million from a private sale of 4 percent convertible subordinated notes due November 15, 2002. The company said in a statement that the notes can be converted into common stock at $104.38 per share, and that net proceeds will be used for general corporate purposes, working capital, and capital expenditures, as well as investment in content and programming.

America Online said it has raised $350 million from a private sale of 4 percent convertible subordinated notes due November 15, 2002. The company said in a statement that the notes can be converted into common stock at $104.38 per share, and that net proceeds will be used for general corporate purposes, working capital, and capital expenditures, as well as investment in content and programming.