Adtran tumbles after unveiling $150 mln convertible bonds sale
Shares of networking and communications provider Adtran Holdings ADTN.O down 15.9% at $8.78 on Tues ahead of planned capital raise
ADTN shares on course for biggest one-day pct drop since Aug 6, 2024; about 7.9 mln shares have exchanged hands, nearly 9x their 10-DMA volume, per LSEG
Huntsville, Alabama-based firm late Mon announced 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
Through Mon, co had ~$836 mln market cap
With move on the session, shares up ~5% YTD vs Nasdaq's .IXIC ~16% advance
4 of 8 analysts rate ADTN "buy" and 4 rate "hold"; median PT of $12 unchanged over the past three months, according to LSEG
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