Cohu drops after $200 mln convertible bonds sale unveil

** Shares of semiconductor testing firm Cohu Inc COHU.O down 8.7% at $20.80 in extended trading after planned capital raise news

** Poway, California-based Cohu announces private offering of $200 convertible bonds due 2031

** Co plans to use net offering proceeds for general corp purposes

** It also intends to use a portion of proceeds to pay cost of capped calls, derivative transactions employed to help reduce potential dilution

** With ~46.7 mln shares outstanding, co has about $1.1 bln market cap

** COHU shares on Tues ended down 1.6% at $22.78, down ~15% YTD

** 4 of 5 analysts rate stock "strong buy" or "buy", 1 has "hold"; median PT is $26.50, per LSEG data