Cohu eyes worst day in 4 years on planned $200 mln convertible bonds sale

Shares of semiconductor testing firm Cohu Inc COHU.O tumble 13.1% to $19.81 early Weds as it looks to raise capital

COHU shares on track for biggest daily pct decline since Apr 29, 2021

Poway, California-based COHU late Tues unveiled private offering of $200 mln 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

Co had about $1.1 bln market cap through Tues close

Including move on the session, COHU shares down about 26% YTD

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