Array Technologies Inc. has announced the successful closing of its private offering of $345 million in 2.875% convertible senior notes due July 2031. The offering, which was upsized from an initial $300 million, also included a $45 million option for additional notes. The net proceeds amounted to approximately $334.1 million after deductions. The company plans to use the funds to fully repay $232.8 million in outstanding term loan debt, invest $35 million in capped call transactions to raise the conversion price to $12.74 per share, and repurchase $100 million of its 1.00% convertible senior notes due 2028 for $78.3 million. CEO Kevin G. Hostetler highlighted this move as a strategic effort to strengthen the company's capital structure and support long-term growth.
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