Liberty Energy drops after planned $450 mln convertible offering announced

Oilfield services firm Liberty Energy LBRT.N shares down 6.6% at $27.75 before the bell as it seeks more capital

Denver, Colorado-based LBRT announces private offering of $450 mln 6-yr convertible bonds (CBs)

Co plans to use net offering proceeds for general corporate purposes

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

In early Feb, LBRT priced offering of $700 mln 0% 5-yr CBs to repay debt and for other purposes

Through Tues close, LBRT stock up 61% YTD, giving co ~$4.8 bln market cap. Stock hit record intraday high of $32.40 on Mar 19

Avg rating of 12 analysts is "buy"; median PT $30, per LSEG data