BlackSky slides after upsized $160 mln convertible bond sale

Shares of real-time geospatial intelligence solutions provider BlackSky Technology BKSY.N down 18.4% to $23.08 before the bell after co raises capital

Herndon, Virginia-based co early Fri announced pricing $160 mln 8.25% 8-yr convertible bond offering

Offering size boosted from $125 mln. Initial conversion price of $36.78 represents 30% premium to stock's last close

It intends to use approx $103.1 mln and $10.2 mln of net offering proceeds to repay borrowings and terminate its term loan facilities, remainder for general purposes

After the bell Thurs, co said in a filing it expects FY25 rev of $105-$130 mln, down from prior outlook of $125-$142 mln, citing reduction primarily driven by anticipated impacts of U.S. Government budget uncertainties and contract timing volatility in Q3 and Q4

With ~34.85 mln shares outstanding as of June 30, per the filing, co had roughly $985 mln market cap through Thurs

BKSY shares rose for fourth straight session on Thurs, finishing up nearly 9%. Stock had quadrupled over the past three months, putting them up 162% YTD

All 7 analysts are bullish and median PT is $18, latest LSEG data reflects