BUZZ-Eos Energy rebounds after upsized $525 mln convertible bond sale, stock offering
Eos Energy's shares rose 4.9% premarket to $13.40 following a $525 million convertible bond sale and a stock offering priced at $12.78 per share, raising $458.2 million. The proceeds will be used to repurchase $200 million of its 6.75% convertible bonds due 2030 and for general corporate purposes. The new bonds have a conversion price of $16.29. Eos shares have increased 163% year-to-date, with analysts rating it a "buy" and a median price target of $15.
Eos Energy’s (EOSE.O) shares up 4.9% premarket at $13.40 after
Edison, New Jersey-based co early Thurs
private offering of $525 mln 1.75% convertible bonds (CBs) due 2031
Co also prices of ~35.9 mln shares at $12.78 for $458.2 mln proceeds to facilitate hedging transactions with
It plans to use net proceeds from the new CBs and concurrent equity offering to repurchase $200 mln of its outstanding 6.75% CBs 2030 for ~$565 mln, and for general corp purposes
Initial conversion price on new CBs set at $16.29, 27.5% above stock’s last close
Through Weds close, EOSE shares up 163% YTD
Avg rating among 9 analysts covering EOSE is “buy”; median PT of $15 up from $10 a month ago, per LSEG data (Lance Tupper is a Reuters market analyst. The views expressed are his own)
