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Credit card company Discover says it will sell $500 million worth of common stock in a public offering, and use the proceeds for possible investments or to buy back preferred stock issued to the U.S. Treasury under its bank rescue plan.
Shares [DFS
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], which finished the regular New York Stock Exchange session up more than 3.5 percent at $10.50, tumbled around 8 percent in after-hours trading following the announcement. For After-Hours Discover Quotes, Click Here.
Riverwoods, Ill.-based Discover Financial Services says it also plans to offer senior notes "in the near future," depending on market conditions. JPMorgan [JPM
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] is acting as sole book-running manager of the offering. Underwriters may buy up to an additional $75 million shares.
In a related filing with the Securities and Exchange Commission, Discover also reaffirmed its guidance for fiscal third-quarter managed net charge-offs—or bad debt—between 8.5 percent and 9 percent.
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