MKS Instruments slides on planned $1 bln convertible debt deal

MKS INCORPORATED

13/05/2024 16:15

** MKS Instruments'  MKSI.O  stock down 6.1% at $122.52 on
Mon as co looks to raise capital
    ** MKS shares on course for biggest one-day pct drop in
about a year
    ** Semiconductor manufacturing tech provider early Mon
announces private offering of $1 bln 6-yr convertible bonds
    ** Co to use net proceeds to pay cost of capped call
transactions, remainder to repay ~$850 mln in borrowings under
term loan, and for general purposes
    ** Late last Weds, MKS posted Q1 rev of $868 mln, up 9%
yr/yr, and adj EPS of $1.18. Both topped LSEG consensus
estimates of $849 mln and $0.75
    ** Co has ~$8.2 bln market cap based on ~67.06 mln shares
outstanding
    ** With move on the session, MKS shares up ~19% YTD and up
50% over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))