Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: The company will sell 3 million shares in an at-the-market offering, and at current prices would have gross proceeds of nearly $64 million. The funds will be used for general corporate purposes, capital expenditures, and debt buyback.
Now what: The short-term debt load of over $500 million will be reduced some, giving the company relief, but the exact amount is unknown. The company has seen financial performance improve for the past year, so there may be growth opportunities the company can take advantage of. For today though, I am going to have to side with the market and knock the stock down, as I don't hear any uses for the cash that blows me away.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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