Why PagerDuty Stock Dropped After-Hours
Portfolio Pulse from Ryan Gustafson
PagerDuty, Inc. (NYSE:PD) announced a proposed private placement of $350 million of convertible senior notes due in 2028. The company also plans to use the net proceeds from the offering to repurchase for cash certain of its 1.25% convertible senior notes due 2025 and shares of PagerDuty's common stock. Following the announcement, PagerDuty's shares dropped 5.63% in the after-hours session.
October 09, 2023 | 8:50 pm
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PagerDuty's announcement of a $350 million private placement of convertible senior notes and the intention to use the proceeds to repurchase notes and common stock led to a 5.63% drop in its shares in after-hours trading.
The announcement of the private placement of convertible senior notes and the repurchase of notes and common stock indicates a significant financial move by PagerDuty. This news, which directly impacts the company's financial structure, likely led to the drop in the company's share price in after-hours trading.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100