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VREX - Varex Imaging News Story

$16.38 0.3  1.5%

Last Trade - 07/08/20

Mid Cap
Market Cap £490.7m
Enterprise Value £776.7m
Revenue £610.1m
Position in Universe 2732nd / 6395

BUZZ-Palo Alto raises $1.75 bln amid convertible issuance boom

Thu 4th June, 2020 7:54pm
** Palo Alto Networks  PANW.N  shares down 2.8% to $226.84
as co capitalizes on growing demand for convertible offerings
    ** Cybersecurity solutions provider offers privately $1.75
bln 5-yr convertible senior notes with coupon of 0.375%*:nPn65cKmTa
    ** Co expects to use $147 mln of net proceeds to pay cost of
hedge transactions, remainder for general corp purposes,
including pre-funding maturity of its 0.75% 2023 convertible
    ** On May 21, PANW posted fiscal Q3 results beat as revenue
grew 20% yr/yr, boosted by remote work demand amid the COVID-19
    ** Palo Alto's offering comes amid a wave of U.S.
convertible issuance, which hit record high of $20.7 bln in May*:nL1N2DE05B
    ** Convertibles have especially regained popularity among
equity investors as cos cut stock dividends
    ** "As an equity investor, convertibles allow you to stay
invested, to keep the equity upside," said Joe Wysocki, manager
of long-only convertible fund at Calamos Investments
    ** Meanwhile, early Thurs, Royal Caribbean Cruises  RCL.N 
launched its own $1 bln convertible deal*:nL1N2DH0TO, and
medical diagnostics firm Varex Imaging  VREX.O  seeks $150 mln*:nBw87CGLca

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
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