BUZZ-Planet Labs lifts after upsized $400 convertible debt sale
Shares of Planet Labsrose 1.2% to $9.13 premarket after the company upsized its convertible debt sale to $400 million. The 0.50% 5-year convertible bond offering has an initial conversion price of $11.95, a 32.5% premium to the last close. Following a previous drop of 6.6% to $9.02, the stock has increased by 123% year-to-date. Analysts maintain a "buy" rating with a median price target of $10.
Shares of satellite imagery firm Planet Labs (PL.N) up 1.2% to $9.13 premarket after it raises more capital than planned
San Francisco-based co late Tues pricing $400 mln 0.50% 5
-yr convertible bond (CB) offering
Initial conversion price of $11.95 is 32.5% premium to stock’s last close
PL shares on Tues fell 6.6% to $9.02 after co late Mon $300 mln offering for general purposes Its stock on Mon soared ~48% to $9.66 after co posted Q2 rev beat and said its backlog increased by 245% y/y
Co intends to use ~$34 mln of net proceeds from the CB offering to pay cost of capped calls; cap price set at $18.04, double the stock’s last sale on Tues Through Tues, stock up ~123% YTD
Avg rating among 9 analysts covering PL is “buy” and median PT is $10, per LSEG (Lance Tupper is a Reuters market analyst. The views expressed are his own)
