Enphase Energy (ENPH), which sells home energy solutions for the solar photovoltaic industry in the US, said Friday it has priced $120 million of 1% convertible senior notes due 2024 in a private placement to qualified institutional buyers.
Enphase said in a statement it has also granted the initial buyers of the notes a 13-day option to buy up to an additional $12 million of the notes to cover over-allotments, if any.
The sale of the notes to the initial buyers is expected to settle on Wednesday, and Enphase estimates that it will receive $115.9 million in net proceeds after deducting expenses.
The notes will bear interest at a rate of 1% per year. Interest will be payable semiannually in arrears on June 1 and Dec. 1 of each year, starting Dec. 1.
The notes will mature on June 1, 2024, unless earlier converted or repurchased in accordance with their terms.
Shares fell more than 4.6% in early morning trading.
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