Eos Energy Enterprises (EOSE) said Friday it priced a $225 million private offering of 6.75% convertible senior notes due June 15, 2030, upsized from the previously planned $175 million.
The company has granted the initial purchasers an option to buy up to an additional $25 million of the notes.
Eos Energy expects the offering to close Tuesday and plans to use the expected net proceeds of $216 million to help repurchase the full $126 million outstanding of its 5%/6% convertible senior PIK toggle note due 2026, among other things.
The company's shares were down 6.8% in recent premarket activity.
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