Nebius stabilizes after boosted $4 bln convertible bonds sale

Shares of AI infrastructure firm Nebius Group NBIS.O trading around the flat line premarket and recently up 0.2% at $116.51 after above-target raise

Amsterdam-based co announces pricing private offerings of $2.25 bln 1.25% convertible bonds (CBs) due 2031 and $1.75 bln 2.625% CBs due 2033

Initial conversion price on 2031 CBs of $183.22 and conversion price on 2033 CBs of $180.31 represent premiums to stock's last close of 57.5% and 55%, respectively

NBIS shares dropped 10.4% to close at $116.33 on Tues after co unveiled $3.75 bln CBs plan to fund construction and build-out of its data centers, among other purposes

Capital raise comes on heels of co inking deal worth up to $27 bln to provide computing power to Meta META.O, and Nvidia's NVDA.O $2 bln investment in NBIS

As of Tues, NBIS stock up ~39% YTD and roughly 18% below record intraday high of $141.10 from Oct 10

Avg rating of 12 analysts is "buy" and median PT is $150