LCI Industries dips after $400 mln convertible debt offering

Shares of auto parts firm LCI Industries LCII.N down 0.3% at $91.15 early Weds after co secures capital raise

Indiana-based co, which supplies engineered products to the RV market, late Tues announced $400 mln 3% convertible bonds (CBs) due 2030

Initial conversion price of $116.62 is 27.5% premium to stock's last close

Co to use net offering proceeds to buy back $368 mln of its 1.125% CBs due 2026 for ~$370.3 mln in cash and ~$28.3 mln of its common stock

With ~25.5 mln shares outstanding, co has ~$2.3 bln current market cap, per LSEG data

Including move on the session, stock down ~12% YTD following 18% decline in 2024

Avg rating among 10 analysts on LCII is "hold"; median PT of $115 unchanged over the past three months - LSEG