Cracker Barrel raising $275M

Cracker Barrel shares fell more than 2 percent after hours Monday after company leaders said they plan to sell $275 million of convertible debt.

The proposed private offering of five-year notes could grow to $300 million and still needs to be priced out. Cracker Barrel will have the choice to pay investors converting their notes in stock or cash. The company also will have the option to redeem the notes should its stock climb 30 percent above the (to-be-determined) conversion price after mid-2024.