Virgin Galactic Shares Slide After Debt Redemption Plan Converts Notes into Stock
Virgin Galactic's stock fell sharply after the company announced it would use common stock to redeem a portion of its outstanding First Lien Notes. The plan, disclosed in a securities filing, calls for issuing shares in lieu of cash to retire up to $30.5 million of the 9.80% notes due December 31, 2028, a move the company says is part of its capita…