Array Technologies dims after announcing $250 mln convertible debt deal
Shares of solar tracker maker Array Technologies ARRY.O down 13.4% premarket to $6.40 after potential capital raise news
Albuquerque, New Mexico-based ARRY offering privately $250 mln convertible notes due 2031
It plans to use net offering proceeds to repay $150 mln of debt under term loan, and fund cost of capped calls, derivative transactions employed to offset dilution
Any remainder to be used for general purposes, including any repurchases of its outstanding 1% convertible notes due 2028, it says
Co has market cap of approx $1.1 bln
ARRY shares on Mon edged down a penny to close at $7.39, up 22% YTD
Of 24 analysts covering ARRY, recommendation breakdown is 12 "strong buy" or "buy", 12 "hold" and median PT is $8, according to latest LSEG data
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