BUZZ-SentinelOne shares stabilize after completing 1.25 billions convertible bond issuance

October 14 - ** Cybersecurity platform SentinelOne (S.N) saw its pre-market share price rise by 0.2% to $24.05 after completing a financing round

** The company announced earlier on Wednesday (link) that it had priced a private offering of $1.25 billion in 0% convertible bonds, which are due on October 1, 2031

** The $31.21 conversion price represents a 30% premium over the previous trading day's closing price

** Earlier on Tuesday, the company announced (link) the issuance of convertible bonds, with the funds to be used for general purposes including share buybacks, working capital, capital expenditures, and potential acquisitions; as a result, S shares closed down 6.4%

** The company expects to use approximately $131.6 million of the net proceeds to pay for the cost of capped call transactions and will deploy $150 million to repurchase company shares from holders of the convertible bonds

** As of Tuesday, the stock had gained about 60% year-to-date

** According to data from the London Stock Exchange Group (LSEG), the average rating from 36 analysts is "buy"; the median target price is $25, up from $19 three months ago

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