BUZZ-Cohu drops after $200 mln convertible bonds sale unveil

Reuters

Sep 24

** Shares of semiconductor testing firm Cohu Inc COHU.O down 8.7% at $20.80 in extended trading after planned capital raise news

** Poway, California-based Cohu announces private offering of $200 convertible bonds due 2031

** Co plans to use net offering proceeds for general corp purposes

** It also intends to use a portion of proceeds to pay cost of capped calls, derivative transactions employed to help reduce potential dilution

** With ~46.7 mln shares outstanding, co has about $1.1 bln market cap

** COHU shares on Tues ended down 1.6% at $22.78, down ~15% YTD

** 4 of 5 analysts rate stock "strong buy" or "buy", 1 has "hold"; median PT is $26.50, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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