Envestnet slips on planned $350 mln convertible debt deal
14/11/2022 14:00
** Envestnet Inc's ENV.N shares down 3.3% at $52.65 before
the bell as co seeks capital raise
** Wealth management fintech offering privately $350 mln
5-yr convertible bonds (CBs) urn:newsml:reuters.com:*:nPn7twW1Ha
** Co plans to use part of net offering proceeds to buy back
some of its stock and outstanding CBs, pay cost of capped call
transactions
** Remainder of proceeds planned for general corp purposes,
including acquisitions or alliances, co says
** ENV last Tues posted Q3 rev, EPS beat, while Q4 forecasts
of $294-$296 mln in rev and adj EPS of 42-43 cents were below
Refinitiv IBES estimates of $306 mln and 47 cents/sh,
respectively
** Shares gained 15% last week, but still down 31% YTD for
$3 bln market value, per Refinitiv
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))