Pandora Media Inc. (NYSE:P) has slid by more than 9% so far, on the heels of amending its credit agreement to increase it to $500 million from $300 million. Yesterday, Pandora Media Inc. (NYSE:P) said that it intends to offer the convertible senior notes due 2020 and grants the purchasers a 30-day overallotment option to buy an additional $45 million principal amount of the notes. The company also plans to pay interest on the notes semi-annually in arrears. Pandora expects to use a portion of the net proceeds of the offering of the notes to pay the cost of its capped call transactions and to use the remaining proceeds of the offering for general corporate purposes.
A total of 36 hedge funds in our database reported long positions with an aggregate value of $1.25 billion, representing roughly 27.60%, of Pandora’s outstanding stock as of the end of September. Among them, Ricky Sandler of Eminence Capital holds 7.0 million shares in the company.
Chesapeake Energy Corporation (NYSE:CHK) has also fallen by around 10%, a day after filing a Form 8-K with the SEC in connection to its launch of private offers to exchange up to $1.5 billion of its 8.00% senior secured second lien notes due 2022. The energy company said it is offering 8.00% senior secured second lien notes due 2022 in exchange for some of its outstanding senior unsecured notes. At the end of September, a total of 34 hedge funds held long positions in Chesapeake Energy Corporation (NYSE:CHK) with a total value of $1.21 billion. Billionaire activist Carl Icahn‘s Icahn Capital LP is one of the top shareholders of Chesapeake with a stake containing over 73.0 million shares.
Verint Systems Inc. (NASDAQ:VRNT) has slid by some 13%, following a lower than expected financial results for the third quarter. Verint Systems Inc. (NASDAQ:VRNT) booked $284 million in third-quarter revenues, up from the $282 million in the same segment last year, but was lower than what the company has previously expected. Meanwhile, operating income amounted to $22 million, down from the $24 million reported a year earlier, while its net income was cut to $8.5 million, or $0.12 per share, compared to $11.5 million, or $0.17 per share posted a year earlier. Additionally, the company provided its non-GAAP outlook for the year ending January 31, 2016, which includes revenue in the range of $1.15 billion to $1.19 billion and $3.30 in EPS at the mid-point of the company’s revenue outlook.
A total of 36 hedge funds that reported long positions in Verint Systems as of the end of September hold 12.40% of the company’s outstanding stock. Andrew Feldstein and Stephen Siderow‘s Blue Mountain Capital holds 1.7 million shares of the company, according to its latest 13F filing.