BUZZ-Fastly slides on planned $125 convertible bond sale

Reuters12-04 05:17

BUZZ-<a href="https://laohu8.com/S/FSLY">Fastly</a> slides on planned $125 mln convertible bond sale

** Shares of content-delivery network firm Fastly FSLY.N down 6.3% post-market to $11 as co looks to raise capital to reduce debt

** San Francisco-based FSLY announces private offering of $125 mln 5-yr convertible bonds (CBs)

** Co plans to use net offering proceeds to repurchase a portion of its outstanding 0% CBs due 2026

** It also intends to use a portion of proceeds to pay cost of capped calls, derivative transactions employed to help offset potential dilution

** FSLY has about $1.8 bln market cap

** FSLY shares on Weds closed up 0.8% at $11.74. Stock has gained 41% over the past month, putting it up 24% YTD

** Of 10 analysts covering FSLY, recommendation breakdown is 1 "buy", 8 "hold" and 1 "sell"; median PT of $10.75 up from $7.75 a month ago, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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Stock has gained 41% over the past month, putting it up 24% YTD</p><p>** Of 10 analysts covering FSLY, recommendation breakdown is 1 \"buy\", 8 \"hold\" and 1 \"sell\"; median PT of $10.75 up from $7.75 a month ago, per LSEG data</p><p>(Lance Tupper is a Reuters market analyst. 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