Array technologies, inc. announces pricing of upsized convertible senior notes offering

Albuquerque, n.m., nov. 30, 2021 (globe newswire) -- array technologies, inc. (nasdaq: arry) (the “company” or “array”) today announced it has priced an upsized offering of $375 million aggregate principal amount of 1.00% convertible senior notes due 2028 (the “notes”) in a private offering (the “offering”) to eligible purchasers under rule 144a of the securities act of 1933, as amended (the “securities act”). array expects the offering to close on december 3, 2021, subject to the satisfaction of customary closing conditions. the additional proceeds from upsized offering will enable the company to reduce the amount of series a preferred stock that the company intends to issue to finance a portion of the cash consideration for the sti acquisition (as defined below) from $100 million to $50.0 million. the reduction will result in fewer common shares being issued to the series a preferred holders and lower interest expense annually, thereby reducing the overall cost of capital for the sti acquisition. array has also granted the initial purchasers of the notes an option to purchase, within a 13-day period from, and including the date on which the notes are first issued, up to an additional $50.0 million aggregate principal amount of notes.
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