Fastly slides on planned $125 mln convertible bond sale

Shares of content-delivery network firm Fastly FSLY.N down 6.3% post-market to $11 as co looks to raise capital to reduce debt

San Francisco-based FSLY announces private offering of $125 mln 5-yr convertible bonds (CBs)

Co plans to use net offering proceeds to repurchase a portion of its outstanding 0% CBs due 2026

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

FSLY has about $1.8 bln market cap

FSLY shares on Weds closed up 0.8% at $11.74. Stock has gained 41% over the past month, putting it up 24% YTD

Of 10 analysts covering FSLY, recommendation breakdown is 1 "buy", 8 "hold" and 1 "sell"; median PT of $10.75 up from $7.75 a month ago, per LSEG data