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Stock Alert: Cheesecake Factory Slips 9%

Shares of American restaurant company The Cheesecake Factory Inc.(CAKE) are down 9 percent on Thursday morning.

The company announced proposed offerings of convertible senior notes and common stock, due in 2026. The company plans to offer $3 million principal amount of convertible senior notes due 2026 and $175 million of common stock in separate public offerings.

Cheesecake Factory will use the proceeds from the offerings to fund the cash consideration of approximately $457.4 million payable in the preferred stock repurchase and also for general corporate purposes.

The stock is currently trading at $55.63, down $5.87 or 9 percent on the NASDAQ. CAKE has traded between $19.78 and $65.81 during the past 52 weeks.

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