DigitalOcean rises after upsized $550 million convertible bonds offering

** AI cloud platform DigitalOcean's DOCN.N shares rise 1.4% to $29.97

** DOCN announces pricing of upsized offering of $550 million of convertible bonds due 2030

** Offering boosted from initial size of $500 million

** Stock closed down 10.6% at $29.56 on Monday after DOCN unveiled the offering

** Initial conversion price of $39.17 apiece represents roughly 32.5% premium to the last reported sale price

** Proceeds will be used to repurchase portion of its convertible bonds due 2026 and to pay cost of capped calls, derivative transactions to offset dilution

** 8 of 13 brokerages rate the stock "buy" or higher and 5 "hold"; median PT $38.50 - data compiled by LSEG

** As of last close, DOCN stock down 13.2% YTD