BlackSky Technology, Inc. (NYSE:BKSY) shares are dropping in Thursday's extended trading after the company announced plans to offer $125 million principal amount of convertible senior notes due 2033. 

The Details: BlackSky also intends to grant the initial purchasers of the notes an option to purchase up to an additional $18.75 million principal amount of the notes.

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The company said it intends to use approximately $103.1 million of proceeds from the offering to repay outstanding borrowings under, and terminate, its secured term loan facility and approximately $10.2 million of proceeds from the offering to repay borrowings under, and terminate, its secured revolving credit facility. 

The remainder of the proceeds will be used for general corporate purposes. 

BKSY Price Action: According to data from Benzinga Pro, BlackSky Technology stock was down 222.23% at $23 in Thursday's extended trading. 

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