Semiconductor equipment and testing firm Ultra Clean Holdings’ (UCTT.O) shares down 3.8% premarket to $57.22 after above-target raise
Hayward, California-based firm late Thurs
private offering of $525 mln 0% 5-yr convertible bonds
Initial conversion price set at $84.75, 42.5% above stock’s last close of $59.47
UCTT shares finished down 11.7% on Thurs after co late Weds for working capital, to prepay a portion of term loan and other general corporate purposes
Co to use approx $40 mln of net offering proceeds to repurchase 627,608 shares to facilitate hedges and pay approx $22 mln to fund cost of capped calls
Through Thurs, UCTT shares up 135% YTD. Stock hit record intraday high of $73.80 on Weds All 4 analysts are bullish; median PT of $77.50 up from $35 a month ago, per LSEG (Lance Tupper is a Reuters market analyst. The views expressed are his own)

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BUZZ-Semiconductor firm Ultra Clean falls after increased $525 mln convertible bond deal