Cybersecurity co Check Point falls after $1.5 bln convertible deal unveiled

Shares of Check Point Software Technologies CHKP.O down 3.4% in extended trading to $180.89 as co seeks capital raise

Israeli cybersecurity solutions provider announces private offering of $1.5 bln 0% 5-yr convertible bonds

Co intends to use portion of net proceeds to pay the cost of capped call transactions, and repurchase its shares in an amount up to $225 mln

It plans to use remainder of proceeds for general purposes, including additional share repurchases, potential M&A, business and new products development

CHKP has about $20 bln market cap, per LSEG data

CHKP stock on Tues edged up 0.1% to close at $187.25, up 0.3% YTD

15 of 38 analysts rate the stock "strong buy" or "buy", 23 have "hold" ratings; median PT is $225 - LSEG