Taser maker Axon steadies after $1 bln convertible bond sale
BUZZ-Taser maker Axon steadies after $1 bln convertible bond sale ** Shares of public safety tech firm Axon Enterprise AXON.O edge up 0.8% to $445.56 before the bell on Weds after clinching capital raise
** Maker of Tasers, body cameras and drones early Weds announced pricing public offering of $1 bln 0% convertible bonds due Sept 15, 2031
** Conversion price of $652.06 represents 47.5% premium to stock's last sale of $442.08 on Tues
** AXON's stock on Tues dropped 9.8% to lowest since Jun 26 after co launched offering to support growth and for potential investments and acquisitions
** It also intends to use about $100 mln of proceeds to pay cost of capped calls; cap price of $1,049.94 set 137.5% above stock's last close
** Goldman Sachs, Morgan Stanley, JP Morgan, RBC and Citigroup joint bookrunners for offering
** Through Tues, AXON stock down 22% in Sept, matching its YTD loss. In comparison, S&P 500 Industrials .SPLRCI off ~4% this month, leaving index up 8.6% YTD
** Avg rating of 22 analysts is "buy"; median PT $700, per LSEG
(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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Brief: Axon Enterprise: On Sept. 18, Co Issued, Sold $1,150 Million Aggregate Principal Amount Of Its 0% Convertible Senior Notes Due 2031
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