Benzinga | Feb 25, 2021 11:52AM EST

Enphase Raises $1.13B Via Upsized Green Convertible Senior Notes

* Enphase Energy Inc (NASDAQ: ENPH) priced $575 million green 0% Convertible Senior Notes due 2026 and $575 million green 0% Convertible Senior Notes due 2028 in a private institutional placement to raise $1.132 billion.

* The offering was upsized from the previously announced $500 million 2026 notes and $500 million 2028 notes.

* The initial purchasers have a 13-day option to procure additional notes up to $57.5 million 2026 notes and $57.5 million 2028 notes.

* The 2026 and 2028 notes' initial conversion price represents a premium of 70% and 57.5%, respectively, on the Wednesday closing price of $180.87 per share.

* Enphase also entered into convertible note hedge and warrant transactions relating to each series of notes.

* The company intends to utilize $63 million and $243.3 million from the offering proceeds towards convertible note hedge and repurchase transactions, respectively.

* The remaining offering proceeds will be utilized for other working capital, general corporate purposes, and green expenditures.

* ENPH stock has gained over 255% in the last year.

* Price action: ENPH shares are down 2.92% at $175.59 on the last check Thursday.