Voyager Technologies drops on $350 million convertible debt sale
VOYG•Voyager Technologies priced a $350 million private offering of 0% convertible notes due Oct. 15, 2032. Shares fell 0.7% in premarket trading after dropping more than 16% on Wednesday when the offering was launched.
1. Convertible note terms
The Denver-based defense and space technology firm priced $350 million of convertible bonds with a conversion price of $40.82, a 30% premium to Wednesday’s last sale of $31.40. Voyager intends to use about $45.7 million of net proceeds to fund capped call transactions, with a cap price of $78.50, a 150% premium to Wednesday’s last close.
2. Shares and analyst ratings
Voyager shares were down 0.7% at $31.18 in premarket trading after falling more than 16% on Wednesday. The stock was up 20% year to date through Wednesday. Nine of 11 analysts covering the company rated it “strong buy” or “buy,” while two rated it “sell”; the median price target was $48.
