Lending Club (LC) Stock Slides on Potential Bond Sale by Jefferies
NEW YORK (TheStreet) -- Shares of LendingClub (LC) - Get Report are slumping 0.67% to $ 4.48 in pre-market trading on Friday as Jefferies again considers selling bonds backed by the online lender's consumer loans, sources told Bloomberg.
The firm is gauging investors' interest in the debt, and could ultimately decide against a sale, Bloomberg reports.
The potential deal comes after disclosure issues at LendingClub caused an effort earlier this year to fail.
Jefferies hasn't determined a sale size, but its original offering was expected in April to be roughly $150 million, Bloomberg adds.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D-.
LendingClub's weaknesses include its generally disappointing historical performance in the stock itself and generally high debt management risk.
You can view the full analysis from the report here: LC
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.