RTTNews | Jan 13, 2022 10:08AM EST

10:08 Thursday, January 13, 2022 (RTTNews.com) - Virgin Galactic Holdings, Inc. (SPCE) shares are declining more than 15 percent on Thursday morning trade after the company offered $425 million convertible Senior Notes due 2027. The company said it expects to grant an option to purchase up to an additional $75 million principal amount of notes. The notes will be redeemable, in whole or in part, for cash at Virgin Galactic's option on or after February 6, 2025.

The aerospace and space travel company said it intends to use the net proceeds from the offering to fund working capital, general and administrative matters, and capital expenditures to accelerate the development of its spacecraft fleet. Currently, shares are at $10.56, 14.75 percent

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