Etsy edges down after $650 mln convertible bond sale

Shares of online marketplace Esty ETSY.O down 0.6% premarket to $59.81 after co clinches capital raise

Brooklyn, New York-based firm early Thurs announces pricing $650 mln 1% 5-yr convertible bonds offering

Initial conversion price set at $85.79, 42.5% above stock's last close

Co plans to use net proceeds for general purposes, including repayment or repurchase of existing debt

It will also use ~$150 mln of proceeds to repurchase its shares in privately negotiated transactions

Co has $6.3 bln market cap

ETSY shares on Weds lost 2.6% and have fallen two straight sessions. That followed a 10-session winning streak in which the shares notched a 34% gain

Through Weds, stock up 14% YTD

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