PureCycle Technologies (PCT) said Thursday it priced simultaneous public offerings of debt and equity to generate $395 million in total gross proceeds.

The transaction includes $250 million in 4.75% convertible senior notes due in 2032, along with roughly 17.7 million common shares sold at $8.21 each, the company said.

Underwriters were also granted options to buy an additional $37.5 million in notes and around 2.3 shares, it said.

The company intends to settle the offerings on Monday and proceeds to repurchase $216 million of outstanding green convertible notes, PureCycle said.

Shares of the company were down over 14% in Thursday premarket activity.

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