Etsy slips after announcing $650 mln convertible bond deal

Esty's ETSY.O shares down 3.5% premarket to $59.64 as online marketplace seeks capital raise

Brooklyn, New York-based firm offering privately $650 mln convertible bonds due 2030

It plans to use up to $175 mln of net offering proceeds to repurchase shares in privately negotiated transactions with purchasers of the bonds

Remainder of proceeds are for general purposes, including repayment or repurchase of existing debt, co says

With ~104.3 mln shares outstanding, co has $6.4 bln market cap

ETSY shares on Tues closed down 3.2% at $61.83, snapping a 10-session winning streak in which they racked up a 34% gain

YTD, stock up 17%

Of 34 analysts covering ETSY, recommendation breakdown is 9 "strong buy" or "buy", 20 "hold" and 5 "sell" ratings and median PT is $50, according to latest LSEG data