Planet Labs Plans $300 Million Convertible Notes Offering
MT Newswires Live
11 hours ago
Planet Labs (PL) said late Monday it intends to offer $300 million of convertible senior notes due 2030 to institutional investors.
The company may also grant initial purchasers an option to buy up to an additional $45 million of notes.
On maturity, the unsecured notes can be converted, at Planet's choice, into cash, class A common stock, or a mix of the two.
The company said it will use the net proceeds for general corporate purposes, with final terms to be set at pricing.
The company's shares were down 12% in after-hours activity.
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