Here's Why GAIN Capital Holdings Inc. Stock Is Plunging Today

Here's Why GAIN Capital Holdings Inc. Stock Is Plunging Today

Foreign exchange trading technology company GAIN Capital (NYSE: GCAP) announced after the market closed on Wednesday, Aug. 16, that it intends to offer $80 million of 5.00% convertible senior notes. Purchasers have the option to purchase an additional $12 million above this target, meaning that the total debt issuance could potentially reach $92 million.

The notes will mature Aug. 15, 2022, and will be convertible at a price of approximately $8.20 per share into GAIN Capital common stock. (The stock trades for about $6.20 as of this writing.)

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Source: Fool.com