The company intends to issue the notes, due July 1, 2031, through a private placement directed at institutional buyers. Under the terms of the deal, initial purchasers hold a 13-day window to acquire an additional $100 million in notes.

Management plans to allocate the capital toward refinancing existing obligations and general corporate requirements. A portion of the proceeds is earmarked for capped call transactions, a strategic maneuver designed to mitigate potential share dilution when the notes are converted. Despite the sharp decline following the announcement, the stock had previously closed the regular session up 3.6% at $20.68.