Array Technologies To Offer $325M Of Convertible Senior Notes

Array Technologies Inc ARRY intends to offer $325 million of senior convertible notes due 2028 in a private placement.
Array also intends to grant the initial purchasers an option to purchase up to an additional $48.75 million of Notes.
The company intends to use the net proceeds, along with cash on hand and/or borrowings and the issuance of up to $100.0 million of Series A Preferred Stock, to pay the cash consideration for acquisition of Soluciones Técnicas Integrales Norland, S.L. and the cost of the capped call transactions.
Price Action: ARRY shares are trading lower by 10.6% at $20.44 during the pre-market session on Tuesday.