RTTNews | Sep 9, 2021 11:22AM EDT

11:22 Thursday, September 9, 2021 (RTTNews.com) - Shares of The Beauty Health Co. (SKIN) are down 6 percent on Thursday's trading as the company revealed its plans to offer $400 million convertible senior notes due 2026 in a private offering to qualified institutional buyers. The company will also grant the initial purchasers an option to purchase up to an additional $60 million principal amount of notes.

The company plans to use a part of the net proceeds from the offering to fund the cost of entering into the capped call transactions. Beauty Health will use the remaining net proceeds to fund potential future acquisitions, working capital expenditures and for general corporate purposes.

Currently at $25.81, the stock has traded between $9.71 and $28.37 during the past 52 weeks.

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