Why Cerence (CRNC) Stock Is Falling During Thursday's Session

Cerence Inc CRNC shares are trading lower by 12.3% to $29.14 Thursday afternoon after the company priced an offering of $190 million of convertible senior notes.

What Else?

The $190 million aggregate principal amount of convertible senior notes due 2028 in a private offering will bear interest at a rate of 1.50% per year and mature on July 1, 2028.

Cerence granted the initial purchasers an option to purchase up to an additional $20 million aggregate principal amount of notes. The sale of the notes is expected to close on June 26, subject to customary closing conditions.

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Cerence estimates net proceeds of approximately $184.1 million, which will be used for various purposes including repurchasing its 2025 notes and repayment of its term loan facility.

According to data from Benzinga Pro, CRNC has a 52-week high of $36.79 and a 52-week low of $12.82.