Why Are Sea Shares Trading Lower Today?

On September 8, Internet company Sea Ltd SE proposed to sell $2.5 billion notes. The underwriters have a 30-day option to purchase additional notes up to $375 million.
Sea also offered to sell 11 million ADS, representing one share. The shares were worth $3.86 billion based on the September 7 closing price of $351.02.
The underwriters have a 30-day option to purchase up to 1.65 million additional ADSs.
The offering proceeds will serve business expansion and other general corporate purposes.
Sea held $1.3 billion in convertible notes as of June 30.
Price Action: SE shares traded lower by 5.80% at $323.86 on the last check Thursday.