Aviation co AAR falls after stock offering launch
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Shares of aerospace & defense firm AAR Corp AIR.N down 6.8% in extended trading to $83.62 as it seeks equity
Illinois-based firm aviation services firm commences 3 mln share offering
Co plans to use net offering proceeds to repay borrowings under its revolver and for general purposes, including future acquisitions
Goldman Sachs, Jefferies and RBC are joint bookrunners
Co has ~36.1 mln shares outstanding for $3.2 bln market cap
Shares rose for 7th straight day on Tues and finished up 2% at $89.67, a record high close. YTD, stock up 46%
All 6 analysts covering AAR are bullish and median PT is $87.50, per LSEG data
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