NEW YORK (TheStreet) -- Shares of CyrusOne Inc. (CONE) are higher by 1.56% to $30.23 on very heavy volume in mid-afternoon trading on Wednesday, after the company announced that its operating partnership CyrusOne LP and a subsidiary of the operating partnership are planning to offer a $100 million aggregate principal amount of their 6.375% senior notes due in 2022.
So far today, 4.66 million shares of CyrusOne have exchanged hands as compared to its average daily volume of 658,000 shares.
The issuers plan to use the proceeds from the offering of the new notes in order to finance the operating partnership's previously announced acquisition of Cervalis Holdings as well as to pay fees and expenses related to the purchase and other corporate purposes.
On Tuesday, the company, which owns, operates, and develops enterprise class, carrier neural data centers, announced it priced the public offering of 11.3 million shares of its common stock at a price of $30 per share.
Separately, TheStreet Ratings team rates CYRUSONE INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CYRUSONE INC (CONE) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."