Data center REIT Fermi tumbles on planned $350 mln convertible offering
BUZZ-Data center REIT Fermi tumbles on planned $350 mln convertible offering ** Data center REIT Fermi's FRMI.O shares down 12.7% post-market to $6.39 as it seeks capital raise
** Amarillo, Texas-based FRMI announces private offering of $350 mln convertible bonds due 2031
** Intends to use net offering proceeds to fund capped call transactions to mitigate potential dilution, remainder for general corp purposes
** FRMI shares ended down 0.5% at $7.32 on Thurs. Stock down 20% this month and off 65% from its Sept 30 IPO price
** Stock plunged in Dec after a prospective tenant terminated a deal to help fund construction at its Texas site, and fell sharply in Apr after departures of CEO and co-founder Toby Neugebauer as well as CFO Miles Everson
** 8 of 10 brokers rate the stock "strong buy" or "buy", 2 "hold"; median PT $17.50, 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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