Capital One (NYSE:COF) has initiated coverage on Newpark Resources (NYSE:NR), beginning with a "Neutral" rating on oil and gas supply company.
Newpark recently announced it has raised $166.8 million in capital from a public offering of convertible senior notes, which are due 2017.
Underwriters for the sale exercised their option, acquiring another $22.5 million in notes.
Newpark will use the funds to pay down outstanding debt under its revolving and term loan credit facility, while using the rest for general business purposes.
The share price of the company at the end of Wednesday's trading session was $8.42, losing $0.14, or 1.64 percent. Capital One started Newpark with a price target of $9 a share.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment