May 19, 2020 6:34am

BLUE priced offering at $55.00

Monday BLUE closed up +$0.48 to $57.14 ... a minor float to the downside?

Seeking proceeds of $500 M excluding any exercise of the underwriter's option (1.3 M shares)

Blue has commenced an underwritten public offering of $500 million of its common stock. blue also intends to grant the underwriters a 30-day option to purchase up to an additional 1.363 million shares offered in the public offering.


Goldman Sachs & Co. LLC, BofA Securities and Cowen are acting as joint book-running managers of the proposed offering.


The Bottom line: Based on Friday's stock closing price of $56.66 and Monday's $57.14, the offering will be for about 9.09 million shares, or about 12.7% of the current shares outstanding. All of the shares would be sold by the company.

BLUE has dropped -35.8% over the past three months ...