Why Exela Technologies Stock Jumped 12% on Thursday
Shares of Exela Technologies (NASDAQ: XELA) jumped on Thursday after the company announced a debt tender offer to try to refinance its debt. The specialist in business process automation (BPA) is up over 12% today as of this writing.
Yesterday, Exela put out a press release for a tender offer for some of its outstanding debt securities. A tender offer is an offer from a company to its debtholders to repurchase a set amount of bonds at a predetermined price. In Exela's case, it is offering $900 for every $1,000 of debt that investors bought, meaning that it is hoping its debtholders will cash out at a discount to what they paid. Exela is offering up to $225 million in cash under these conditions.
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Source Fool.com
