Redfin rallies after $250 mln Apollo financing

Redfin

23/10/2023 21:29

** Shares of Redfin Corp  RDFN.O  rally ~13% post-market
after real estate broker announces financing from Apollo  APO.N 
    ** Redfin says funds managed by Apollo agreed to commit up
to $250 mln in form first lien term loan facility, per SEC
filing
    ** Half of the loan borrowed on Oct 20, remainder to be
available as a delayed draw during the following 12 months,
according to filing
    ** Along with cash, Redfin to simultaneously repurchase
portion of its existing convertible notes, saying transaction
strengthens its balance sheet by extending debt maturities into
2028
    ** RDFN shares on Mon closed up 0.6% at $5.10. Still, stock
off roughly 70% from its 2023 highs hit in July
    ** 15 of 17 analysts rate RDFN "hold", while 2 recommend
"sell", per LSEG data; median PT has remained at $10 over past
three 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))