The Reston, Va., student lender dropped more than 6% after setting plans for a $2.5 billion stock offering, consisting of $1.5 billion in common shares and $1 billion in mandatory convertible preferred shares.
$2 billion of the proceeds are planned for buying back around 44 million shares under an outstanding equity forward-purchase contract. Any remaining capital will go to general corporate purposes. Shares were sliding $1.38 to $20.75 in recent after-hours trading.
Among other recent post close decliners, communication-equipment maker
gave up 0.9%; and
Fifth Third Bancorp
was recently off 1.2% to $26.26.
On the winning side lately were solar-power companies
( ESLR), as well as software firm
China Technology Development
( CTDC). Shares were adding 10.1%, 1.5%, and 3.3%, respectively.