Benzinga | Feb 22, 2021 02:05PM EST

Plantronics Seeks $500M For Debt Refinancing

* Plantronics Inc (NYSE: PLT) proposed to raise $500 million via senior notes offering due 2029.

* The company intends to utilize the offering proceeds for discharging outstanding 5.50% senior notes due 2023 and related fees. Any excess amount raised thereof would be used for general corporate purposes, including secured term loan repayment.

* The company's closing cash balance stood at $230 million as of December 26, 2020, and long-term debt stood at $1.6 billion.

* PLT share prices have climbed 135% in the last six months.

* Price action: PLT shares were down 3.09% at $39.70 on the last check Monday.