The company intends to use approximately $58.1 million of net proceeds to fund the cost of capped call transactions and repurchase up to $170.5 million of its shares to help mitigate potential dilution.
Despite the decline, the stock is up about 33% year to date.
The average rating of 23 analysts is "hold"; the median price target of $35 was unchanged from a month ago but up from $28 on June 11, according to LSEG data.
Shares fall after upsized convertible offering
Shares of cybersecurity exposure management firm Tenable Holdings (TENB.O) were down 2.2% at $31.31 and falling for a fifth straight session on Friday after the company secured a capital raise.
Columbia, Maryland-based Tenable late Thursday announced pricing of a private offering of $725 million of 0.25% convertible bonds maturing on Sept. 15, 2031.
The conversion price was set at $44.84, a 40% premium to the stock's last close of $32.03.
Tenable shares finished down about 5% on Thursday after the company unveiled a $650 million offering to repay term loans, and for general purposes, including additional share repurchases, acquisitions or investments.
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