BUZZ-Liberty Energy drops after planned $450 mln convertible offering announced

Reuters03-25

** Oilfield services firm Liberty Energy LBRT.N shares down 6.6% at $27.75 before the bell as it seeks more capital

** Denver, Colorado-based LBRT announces private offering of $450 mln 6-yr convertible bonds (CBs)

** Co plans to use net offering proceeds for general corporate purposes

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

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

** Through Tues close, LBRT stock up 61% YTD, giving co ~$4.8 bln market cap. Stock hit record intraday high of $32.40 on Mar 19

** Avg rating of 12 analysts is "buy"; median PT $30, 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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