Tpi composites, inc. announces up to $600 million capital investment from oaktree – strengthens liquidity position and supports long term strategy and prospects
Scottsdale, arizona, nov. 08, 2021 (globe newswire) -- tpi composites, inc. (nasdaq: tpic), the only independent manufacturer of composite wind blades with a global footprint, announced today that it has entered into a stock purchase agreement to issue and sell $400 million of series a preferred stock to investment funds managed by oaktree capital management (“oaktree”). under the terms of the stock purchase agreement, tpi will issue and sell $350 million of series a preferred stock to oaktree, subject to customary closing conditions. tpi also may elect at its option to require oaktree to purchase an additional $50 million of series a preferred stock upon the same terms and conditions as the initial issuance of the series a preferred stock during the two-year period following the closing of the initial issuance. tpi expects that the initial closing for the sale of the series a preferred stock will occur in late november. at the closing, tpi will also issue to oaktree a warrant to purchase approximately 4.7 million shares of tpi common stock with a five-year term and an exercise price of $0.01 per share. subject to the mutual agreement of tpi and oaktree, oaktree may invest an additional $200 million for follow on capital.
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