Dog day for Heska shares on planned capital raise

Heska

12/09/2019 19:17

** Heska Corporation  HSKA.O  shares down 9.1% at $65.09 as
veterinary equipment maker looks to price convertible debt
offering after the bell
    ** HSKA hits 1-1/2-yr low on trading volume 7x the 30-DMA.
Stock on course for biggest one-day pct fall since 14% drop on
Feb 26 after co's Q4 2018 adj EPS missed estimates by 42%
    ** Heska selling privately $75 mln 7-yr convertible senior
notes to repay all outstanding debt under credit facility, and
to fund intended expansion efforts, among other uses
 urn:newsml:reuters.com:*:nPn7gbPDPa
    ** Joint bookrunners JP Morgan and Piper Jaffray marketing
notes with coupon of 3.25%-3.75%, convertible premium of 35%-40%
    ** Avg rating among 6 covering brokerages rate HSKA "buy";
median PT is $95 (Refinitiv data)
    ** With Thurs decline, HSKA extending YTD loss to 25% vs S&P
600 Health Care Equipment & Services index  .SPSMCHC  gain of 6%

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