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EPR Properties drops on planned $500 mln convertible debt financing

By Reuters News

** Shares of experiential REIT EPR Properties EPR.N down 2.6% at $59.60 premarket on Weds as it seeks capital raise to repay near-term debt

** Landlord to entertainment and entertainment-related business operators offering privately $500 mln convertible bonds (CBs) due Feb 15, 2032

** Co intends to use net offering proceeds to fully repay $450 mln principal of 4.75% notes upon maturity on Dec 15, 2026

** It also intends to use some proceeds for capped call transactions, employed to offset potential dilution, and up to $75 mln to repurchase shares from investors in the CBs

** Kansas City, Missouri-based EPR has roughly $4.7 bln market cap

** At Tues close, stock up ~23% YTD, outperforming 9% gain in S&P 400 Specialized REITs index .SPMDSPRI and ~8% advance in S&P 400 Real Estate sector .SPMDCR

** Avg rating of 13 analysts is "hold"; median PT $64, per LSEG

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