Liberty Energy edges up as convertible bond deal increased to $475 mln

Oilfield services firm Liberty Energy LBRT.N shares up 0.6% at $28.96 on Thurs after above-planned raise

Denver, Colorado-based LBRT early Thurs announced pricing private offering of $475 mln 0% 6-yr convertible bonds (CBs)

Offering size hiked from $450 mln; initial conversion price of $37.44 is 30% premium to stock's last close of $28.80

Co intends to use net offering proceeds for general corporate purposes

It also intends to use ~$69.8 mln to pay the cost of capped call transactions; initial cap price set at $72, 150% above last close

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

With move on the session, stock up 57% YTD, and off ~11% from record intraday high of $32.40 hit a week ago

7 of 11 analysts rate the stock "strong buy" or "buy", 4 "hold"; median PT $30, per LSEG data