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Global Payments Inc (NYSE:GPN) shares are trading lower by 1.7% to $131.96 Tuesday morning after the company said it plans to offer $1.75 billion in convertible senior notes due 2031, with an option for an additional $250 million.
These notes will accrue semi-annual interest and mature on March 1, 2031. Conversion conditions will apply until December 1, 2030, after which they’ll become freely convertible. Conversion can be in cash, common stock, or a mix, with terms to be set upon pricing. Redemption before March 6, 2028, is prohibited, but afterward is possible if stock price conditions are met.
The company will likely enter capped call transactions to hedge against stock dilution, using proceeds from the offering. Part of the proceeds will also go towards common stock repurchases and general corporate purposes.
Option counterparties may engage in derivative transactions affecting stock prices before and after the offering, potentially impacting conversion terms and stock value.
See Also: Global Payments Q4: Earnings Beat, Margins Expand, Modest Outlook & More
Wall Street analysts view Global Payments on the whole as a Outperform, given the history of coverage over the past three months. David Togut from Evercore ISI Group in Global Payments is the most optimistic, expecting a 46.51% rise in the stock in the coming year.
But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Global Payments rose 17.3%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 8.11% over the past year.
A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.
GPN has a 52-week high of $141.78 and a 52-week low of $94.05.
Posted In: GPN
