Winnebago edges lower after convertible deal plans

Winnebago Industries

18/01/2024 18:15

** Winnebago's  WGO.N  shares down 0.8% at $66.14 on Thurs
after recreational vehicle maker announced planned capital raise
    ** Co after the bell Weds said offering privately $300 mln
convertible bonds (CBs) due 2030
    ** It plans to use net offering proceeds to repurchase
portion of its outstanding 1.5% CBs due 2025
    ** Co has roughly $1.9 bln current market cap, per LSEG
    ** With move on Thurs, WGO shares off ~9% to start 2024.
Last year, stock gained 38% vs S&P 600 SmallCap index's  .SPCY 
~14% advance
    ** Avg rating among 11 analysts covering WGO is "buy" and
their median PT is $75 - LSEG

 (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))