DoorDash edges down after announcing $2 bln convertible debt deal
DoorDash's DASH.O shares down 0.1% premarket at $205.85 as meal delivery platform seeks capital raise
San Francisco, California-based firm announces private offering of $2 bln 5-yr convertible bonds
It plans to use net proceeds for general purposes, including potential acquisitions and share repurchases
Co says also intends to use portion of proceeds to fund cost of hedge transactions to offset share dilution until at least a targeted 125% premium to the current stock price
Earlier this month, DoorDash said it will buy British rival Deliveroo ROO.L in deal valued at $3.9 bln, and would buy software firm SevenRooms for ~$1.2 bln
DoorDash has ~$87.4 bln market cap, per LSEG data
DASH shares on Fri closed up 2.6% at $206.15, up 23% YTD
Of 41 analysts covering DASH, recommendation breakdown is 29 "strong buy" or "buy", rest "hold" and median PT is $223.50, latest LSEG data shows
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