Uber (NYSE:UBER) stock is sliding lower on Monday after the ride-hailing company announced a $1.2 billion convertible senior notes offering.
This offer covers convertible senior notes that are due in 2028. The offering totals $1.2 billion and is being made to institutional investors. These investors also have a 13-day option to acquire another $180 million of the notes.
Uber already has plans for the funds it will raise from their senior convertible notes offering. The company will use some of the money for privately negotiated capped call transactions announced alongside today’s news. The remaining of the funds will be spent to repay, redeem or repurchase outstanding indebtedness.
UBER Stock Reaction on Monday
Investors were initially unhappy about the convertible senior notes offering announced by Uber. That resulted in the company’s shares falling during pre-market trading, as well as in them remaining down shortly after markets opened.
However, that negative momentum didn’t last long with the company’s shares currently up almost 1% as of Monday morning. That comes alongside 9 million shares changing hands, as compared to a daily average of about 19 million shares.
There’s plenty more stock market news that traders are going to want to know about below!
We’ve got all of the hottest stock market news that investors need to read about on Monday! A few examples include why shares of Microsoft (NASDAQ:MSFT), Bristol-Myers Squibb (NYSE:BMY) and Boeing (NYSE:BA) stock are moving today. All of that news is ready to go at the links below!
More Stock Market News for Monday
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- Deutsche Bank Is Pounding the Table on Boeing (BA) Stock
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
