FPS is trading 5.4% down at $52.00 in pre-market following its announcement of a $600 million senior term loan refinancing and a sizable follow-on Class A share offering.
- The move extends a sharp multi-day pullback from recent highs as investors digest the impact of equity dilution and higher leverage.
- The downward pressure comes despite strong prior momentum for the stock leading up to the June 26 announcement.