Market Overview

Broadcom Trades Lower On $3B Debt Offering

Share:

Broadcom Inc. (Nasdaq: AVGO) shares are trading lower following news of a $3 billion series A mandatory convertible preferred stock offering.

The company announced it has upsized and priced a public offering of 3,250,000 shares of 8% series A mandatory convertible preferred stock at a price to the public of $1,000 per share.

The offering has been upsized from the previously announced $3 billion. Broadcom says the offering is scheduled to be completed on Sept. 30 and the net proceeds will be approximately $3.2 billion.

Bank of America Merrill Lynch, Citigroup, JPMorgan and Morgan Stanley are acting as representatives of the underwriters and joint-book running managers for the offering.

Broadcom shares were trading down 4% at $271 in Wednesday’s pre-market session. The stock has a 52-week high of $323.20 and a 52-week low of $208.23.

Related Links:

Report: Broadcom Secures Financing For Symantec Acquisition

Pacira BioSciences Trades Higher After Joining S&P SmallCap 600

Posted-In: News Offerings

 

Related Articles (AVGO)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

MediPharm Labs, TerrAscend Sign Multi-Year Supply Agreement

10 Biggest Price Target Changes For Wednesday