Shares of Sweden-based oats drinks company Oatley Group AB OTLY were rallying in premarket trading on Wednesday, bucking the negative sentiment relayed by the index futures.
What Happened: Oatley said it entered into privately negotiated agreements with certain investors on Tuesday to sell $300 million worth of 9.25% convertible senior, payment-in-kind, notes due 2028. PIK refers to a high-risk loan that allows borrowers to pay interest with additional debt, rather than cash.
See Also: Best Penny Stocks
The company also said it entered into a commitment letter to amend its sustainable revolving credit facility agreement and another commitment letter for a $125 million term loan B credit facility.
Separately, the company reported a 4.9% year-over-year increase in fourth-quarter revenue and guided to 23%-28% constant currency revenue growth and positive adjusted EBITDA for 2023.
Price Action: In premarket trading, Oatley stock climbed 7.77%, to $2.2, according to Benzinga Pro data.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
