Technology stocks continued to deflate on Tuesday, with shares of tech companies in the S&P 500 sinking just under 1.4%. In company news, Belden (BDC) appears ready to close lower Tuesday, with shares of the networking equipment company declining almost 2% after this afternoon pricing an upsized, EUR450 million private placement of 3.375% senior subordinated notes due 2027.
The offering was increased in size by EUR50 million above Belden’s original plan to float EUR400 million of the senior subordinated notes. The company expects to use the net proceeds, together with cash on hand – if necessary, to fund a cash tender offer for up to all $700 million of its outstanding 5.5% senior subordinated notes due 2022. The tender offer is slated to run through July 5, unless extended or terminated ahead of schedule.