Civeo Shares Fall After Pricing $100 Million Convertible Senior Notes Offering
Civeo (CVEO) shares fell 11% in Thursday afternoon trading, a day after the company priced a private offering of $100 million in 4.50% convertible senior notes due 2031. The offering is expected to settle on Tuesday, the company said. Civeo granted the initial purchasers a 13-day option to buy up to an additional $15 million of notes, it said. Civeo said it expects to use about $22.3 million of the net proceeds to repurchase 660,297 shares concurrently with the pricing of the offering, and the rest to repay outstanding debt under a facility agreement. Price: $30.03, Change: $-3.74, Percent Change: -11.06%
Civeo (CVEO) shares fell 11% in Thursday afternoon trading, a day after the company priced a private offering of $100 million in 4.50% convertible senior notes due 2031.
The offering is expected to settle on Tuesday, the company said.
Civeo granted the initial purchasers a 13-day option to buy up to an additional $15 million of notes, it said.
Civeo said it expects to use about $22.3 million of the net proceeds to repurchase 660,297 shares concurrently with the pricing of the offering, and the rest to repay outstanding debt under a facility agreement.
Price: $30.03, Change: $-3.74, Percent Change: -11.06%