Golar LNG rises after $500 mln convertible bond sale

Shares of Golar LNG GLNG.O up 4.6% on light premarket volume to $43 after co clinches capital raise

Liquefied natural gas infrastructure firm early Thurs announces pricing offering of $500 mln 2.75% 5.5-yr convertible bonds

Initial conversion price of $57.53 represents 40% premium to stock's last close

Co to use net proceeds to buy back 2.5 mln of its common shares in connection with the offering

It also intends use net proceeds for general purposes, including for future growth investments including a contemplated fourth FLNG (floating liquefied natural gas) vessel, among other purposes

Certain entities controlled by co's directors indicated interest to buy bonds in the offering, when proposed offering was announced late Weds

GLNG has ~$4.3 bln market cap, per LSEG data

Through Weds, shares off 3% YTD

All 6 analysts are bullish on GLNG and median PT is $50 - LSEG