Bruker launches $600 million mandatory convertible preferred stock offering

* Bruker (NASDAQ:BRKR [https://seekingalpha.com/symbol/BRKR]) said on Tuesday that it has launched a public offering of $600 million in Series A Mandatory Convertible Preferred Stock, par value $0.01 per share with a 30-day option for underwriters to purchase up to an additional $90 million to cover over-allotments.
* The company plans to use the net proceeds to repay its term loan due December 2026, outstanding borrowings under its 2024 revolving credit agreement, and part of its term loan due March 2027.
* Any additional proceeds may be used for general corporate purposes including debt repayment, working capital, capital expenditures, acquisitions, investments, share repurchases, and dividends.
* Each share will carry a $250 liquidation preference and convert into a variable number of common shares by around September 1, 2028, unless converted earlier by holders.
* Final terms including dividend and conversion rates will be set at pricing.
* BRKR -9.5% after hours to $30.07.
* Source: Press Release [https://seekingalpha.com/pr/20218239-bruker-announces-public-offering-of-600-million-of-mandatory-convertible-preferred-stock]

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