Cracker Barrel drops on planned $275 mln convertible debt deal
ReutersJun 9, 2025 8:26 PM
Shares of Cracker Barrel Old Country Store CBRL.O down 7.8% post-market to $56 as casual dining chain seeks capital raise
Lebanon, Tennessee-based co announces private offering of $275 mln convertible bonds (CBs) due 2030
Co plans to use portion of net proceeds to pay for capped calls, derivative transactions to offset dilution
It plans to use remainder for general purposes, including redemption or repayment of debt including its 0.625% CBs due 2026 or under its revolving credit facility
CBRL shares closed up 9.7% at $60.74 on Mon, giving co ~$1.4 bln market cap, per LSEG data
Stock up 15% YTD
Avg rating among 10 analysts covering CBRL is "hold" and median PT is $55, up from $48 a month ago, latest LSEG data shows
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