Lyft steady after $450 mln convertible debt sale

Shares of ride-hailing firm Lyft LYFT.O trading around the flat line premarket after securing capital raise

San Francisco, California-based LYFT early Weds announced pricing offering of $450 mln 0% 5-yr convertible bonds (CBs)

Initial conversion price set at $23.52, 40% above stock's last sale on Tues

LYFT shares on Tues ended session up 3.6% at $16.80 after co unveiled the offering for general purposes, including working capital, capex and potential acquisitions and strategic transactions

Co also intends to use ~$37.8 mln of net proceeds to pay cost of capped calls, derivative transactions to offset dilution, and ~$95.7 mln to repurchase its stock from CB purchasers

Cap price of $33.60 is double stock's last close

Through Tues, shares up 30% YTD

15 of 47 analysts rate stock "strong buy" or "buy", 32 rate "hold" and median PT is $16, LSEG data shows