PagerDuty hits 11-month low after convertible debt deal launch

PagerDuty

10/10/2023 15:08

** Shares of PagerDuty Inc  PD.N  gap down 7.8% to $20.13
early Tues, lowest since Nov 9, 2022, as software firm looks to
raise capital
    ** Digital operations management provider late Mon said it's
offering privately $350 mln convertible bonds (CBs) due 2028
    ** Co plans to use portion of net offering proceeds to pay
cost of capped call transactions, and to repurchase certain of
its 1.25% CBs due 2025
    ** Co has $2 bln market cap, per LSEG data
    ** PD's shares last down 2.5% at $21.29 on the session.
Stock now down 20% YTD and about 40% off its 2023 intraday high
of $35.33 hit on Mar 31

 (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))