Equinox Gold Shares Fall 18% After Convertible Senior Notes Bought Deal Offering
By Ben Glickman
Shares of Equinox Gold sank after the company said it would sell $150 million of 4.75% convertible senior notes.
The stock was down 18% to $4.30 in after-hours trading, after rising 2.1% at Monday's close. Shares are up 60% this year.
The Vancouver, B.C.-based company said BMO Capital Markets would be purchasing the notes, which are due in 2028. The purchasers have an option to buy an additional $22.5 million aggregate principal amount of notes.
Equinox said it would use the proceeds to pay down its debt and for general corporate purposes.
The notes have an initial conversion price of about $6.30 a share, representing a premium of 20% on Monday's closing price.
The offering is expected to close Sept. 21.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
September 18, 2023 18:38 ET (22:38 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back
-
Alibaba Earnings: More Positive Outlook Despite Mixed Results