** Cloud computing platform DigitalOcean's DOCN.N shares down 9.5% to $114.35 on Weds as it looks to refinance some debt

** DOCN early Weds announced repurchase of up to $500 mln principal of its outstanding $625 mln 0% convertible notes due 2030 in privately negotiated transactions

** Repurchases to be funded by registered direct offering of DOCN's stock to holders of the notes

** The repurchase price will be determined based on volume-weighted average price (VWAP) of DOCN's stock

** J. Wood Capital Advisors acting as financial advisor for the stock placement

** Broomfield, Colorado-based DOCN has ~104.4 mln shares outstanding for about $13 bln market cap as of Tues

** With the decline, stock up 138% YTD

** 12 of 16 brokerages rate the stock "strong buy" or "buy", 4 "hold"; median PT of $178 up from $80 on Apr 15, per LSEG