Liberty Energy falls after unveiling $500 mln convertible bond offering
Oilfield services firm Liberty Energy LBRT.N shares down 8% to $24.01 i n extended trading after capital raise news
Denver, Colorado-based firm announces private offering of $500 mln 5-yr convertible bonds
Co plans to use net offering proceeds to repay debt under credit agreement with J.P. Morgan Chase Bank, and certain other lenders, remainder for general corporate purposes
It also intends to use portion of proceeds to pay the cost of capped calls, derivative transactions employed to help mitigate potential dilution
Co has ~162 mln shares outstanding for ~$4.2 bln market cap
LBRT shares rose 5.8% to notch record high close of $26.09 on Mon. Stock up 41% YTD and has more than doubled over the past six months
Shares finished up 16% on Thurs after co late Weds posted Q4 core adj profit beat and said entered into power reservation project with another leading data center developer for expansion in Texas, amid a surge in crude prices over concerns of a US attack on Iran
8 of 12 analysts rate the stock "strong buy" or "buy", rest "hold"; median PT $23, per LSEG data
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