2U Inc Down 8% On New Capital Raise; Pulls Financial Guidance [Yahoo! Finance News]
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Source: Yahoo! Finance News
Shares in online education stock 2U Inc TWOUSpecifically, TWOU intends to sell $300 million aggregate principal amount of convertible senior notes due 2025 in a private offering to qualified institutional buyers. It also intends to grant these purchasers a 13-day option to buy a further $45 million aggregate principal amount of notes.“The capital-raise announcement could act as an overhang for the stock as it dilutes shareholders, it likely means 2U’s business-model transition will take place in the public markets, and optionality from a potential private equity takeout is likely off the table” warned Oppenheimer analystBrian SchwartzMeanwhile the company withdrew its financial guidance for 2020, citing Covid-19 uncertainty. “Beyond the operational complexities associated with launching and supporting quality online offerings, universities are experiencing budget and cash flow shortfalls related to COVID-19,” CEO Christopher Paucek commented.However, he added that “Long-term, we belie
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