** 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
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.