Array Technologies up after upsized $300 mln convertible debt deal
Shares of solar tracker maker Array Technologies ARRY.O up 1.7% before the bell to $6.48 after above-target capital raise
Albuquerque, New Mexico-based co late Tues announced $300 mln 2.875% 6-yr convertible bonds (CBs)
Initial conversion price set at $8.12, 27.5% above stock's last sale
ARRY shares closed down nearly 14% at $6.37 after co unveiled proposed $250 mln offering
Co plans to use net offering proceeds to repay $150 mln of debt under term loan, and approx $30.5 mln to fund cost of capped calls
It also intends to fund repurchases of approx $100 mln of its outstanding 1% CBs due 2028
Through Tues, ARRY shares up 5.5% YTD giving co about $972 mln market cap
Half of 24 analysts covering ARRY rate stock "strong buy" or "buy", rest rate "hold" and median PT is $8, according to latest LSEG data
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