Adtran drops after $150 mln convertible bonds sale unveil
** Shares of networking and communications provider Adtran Holdings ADTN.O down 10% in extended trading to $9.40 after planned capital raise news
** Huntsville, Alabama-based firm announces private offering of $150 mln 5-yr convertible bonds
** It intends to use net offering proceeds to repay a portion of outstanding borrowings under its credit agreement dated July 18, 2022
** Co also plans to use proceeds to pay cost of capped calls, derivative transactions employed to help mitigate dilution
** Based on ~80 mln shares outstanding, co has $835 mln market cap
** Shares on Mon ended up 3.3% at $10.44, up ~25% YTD
** Of 8 analysts covering the stock, 4 rate "strong buy" or "buy" and 4 rate "hold"; median PT of $12 unchanged over the past three months, according to LSEG
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