Why Oil States International Stock Is Slumping Today
Shares of Oil States International (NYSE: OIS) had declined by more than 11% by 10:30 a.m. EDT on Wednesday. Weighing on the oil stock was the pricing of a convertible debt offering.
Oil States International priced a private offering of $135 million in 4.75% convertible senior notes due in 2026. It also granted purchasers the option to buy up to another $15 million of the notes. They will mature on April 1, 2026, unless repurchased, redeemed, or converted. Oil States has the option to redeem all or a portion of the notes on or after April 6, 2024.
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Source Fool.com
