BlackBerry Ltd (NYSE:BB) shares are falling in Tuesday’s after-hours session after the company announced a proposed private offering.
What Happened: After the market close on Tuesday, BlackBerry said it intends to offer $160 million worth of Convertible Senior Notes due 2029 in a private offering.
The notes will be offered only to qualified institutional investors.
BlackBerry expects to grant the initial purchases the option to purchase up to an additional $25 million of the notes over a 13-day period.
BlackBerry said it expects to use the proceeds to fund the repayment or repurchase of its outstanding $150 million ...