Why Wayfair's Stock Closed 10.4% Lower Today
Shares of Wayfair (NYSE: W) closed 10.4% lower on Wednesday. The home goods e-commerce company's stock trended lower all day long to close at the day's lowest price, following the announcement of a plan to raise $750 million in convertible debt papers.
Wayfair expects to offer the new convertible notes on Aug. 15, tied to a seven-year term that expires in August 2026. The initial buyers will have an option to purchase an additional $112.5 million of convertible notes, if desired. Interest rates and other terms will be announced at the time of pricing the securities.
Image source: Getty Images.
Source Fool.com
