Array Technologies To Privately Offer $250 Mln Of Sr. Notes

(RTTNews) - Array Technologies, Inc. (ARRY) Tuesday said it plans to privately offer $250 million of convertible senior notes due 2031.

ARRAY also intends to grant the initial purchasers an option to purchase up to an additional $37.5 million of notes.

The company plans to use net proceeds from the offering to repay $150 million of outstanding debt under its term loan facility; to fund the costs of the capped call transactions which it intends to enter into in connection with the pricing of the notes, and the remainder if any, for general corporate purposes.

If the initial purchasers exercise their option to purchase additional notes, ARRAY expects to use part of the proceeds to enter into additional capped call transactions.