BUZZ-SentinelOne stabilizes after issuing $1.25 billion in convertible bonds

October 14 - ** Cybersecurity platform SentinelOne (S.N) saw its pre-market share price rise by 0.2% to $24.05 after completing a funding round

** The company announced earlier Wednesday (link) it had priced a private placement of $1.25 billion of 0% convertible bonds (CBs), maturing on October 1, 2031

** The conversion price of $31.21 represents a 30% premium to the previous trading day's closing price

** On Tuesday, after the company announced (link) the issuance of convertible bonds for general purposes (including share buybacks, working capital, capital expenditures, and potential acquisitions), Class S shares closed down 6.4%

** The company expects to use approximately $131.6 million of net proceeds to pay for the cost of capped call transactions, and apply $150 million to repurchase company stock from convertible bond holders

** As of Tuesday, the stock had risen about 60% year-to-date

** According to data from London Stock Exchange Group (LSEG), the average rating of 36 analysts is "buy"; the median target price is $25, raised from $19 three months ago

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