Array Technologies Stock News

Mark Strouse, JPMorgan senior analyst, joins 'The Exchange' to discuss solar energy stocks, which have done poorly this year. Still, he remains optimistic about secular growth and profitability for th

This article was originally published on TipRanks.com Array Technologies, Inc. The post Array Technologies Prices Upsized Senior Unsecured Notes appeared first on Smarter Analyst .

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 agg

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.

The prospect of shareholder dilution is a gray cloud looming on the horizon for this solar industry company.

The prospect of shareholder dilution is a gray cloud looming on the horizon for this solar industry company.

Array Technologies Inc (NASDAQ: 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 purc

ALBUQUERQUE, N.M., Nov. 29, 2021 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (NASDAQ: ARRY ) (the "Company" or "Array") today announced that, subject to market conditions, it intends to offer $325 million in aggregate principal amount of convertible senior notes due 2028 (the "Notes") in a private placement (the "Offering") to eligible purchasers under Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). Array also intends to grant 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 $48.75 million aggregate principal amount of Notes. Array intends to use the net proceeds from the Offering, together with cash on hand and/or borrowings under its revolving credit facility and the issuance of up to $100.0 million of Series A Preferred Stock pursuant to the Company''s Series A preferred stock facility, to pay the cash consideration for its previously announced acquisition of Soluciones Técnicas Integrales Norland, S.L. (the "STI Acquisition") and the cost of the capped call transactions described below.

ALBUQUERQUE, N.M., Nov. 29, 2021 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (NASDAQ: ARRY) (the “Company” or “Array”) today announced that, subject to market conditions, it intends to offe

ALBUQUERQUE, N.M., Nov. 29, 2021 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (NASDAQ: ARRY) (the Company or Array) today announced that, subject to market conditions, it intends to offer $325 million in aggregate principal amount of convertible senior notes due 2028 (the Notes) in a private placement (the Offering) to eligible purchasers under Rule 144A of the Securities Act of 1933, as amended (the Securities Act). Array also intends to grant 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 $48.75 million aggregate principal amount of Notes.

The stock price of Array Technologies Inc (NASDAQ: ARRY) fell by 7% after hours today. This is why it happened.

Needless to say, 2021 has been a banner year for equities, with the S&P 500 up a stunning 25%.

ALBUQUERQUE, N.M., Nov. 22, 2021 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (Nasdaq: ARRY) (“Array”), one of the world’s largest providers of utility-scale solar tracking technology, today